Webinar 1: Planning the Audit in the Pandemic Environment Summary of Key Takeaways

The COVID-19 pandemic has far reaching implications, with many people still comprehending and adjusting both personally and professionally. For the audit profession, the increased complexities of financial statement reporting and related risks and uncertainties, coupled with a rapid shift to virtual business operations and controls, have significantly challenged the delivery of audit engagements and necessitated virtual audits. But while much has changed, the commitment to audit quality and professional standards has not. The auditing standards remain fit for purpose in a COVID-19 context, and in the current uncertain environment audit quality remains more important than ever. Supporting people wellness is also paramount as ultimately, high quality audits depend on high quality individuals working at their best.

In the first of a three-part webinar series, IFAC convened a panel of audit experts to share their perspectives and practical insights on planning the audit and ensuring people wellness in the pandemic environment. Audit planning sets the foundation for the entire audit, both from the point of view of the auditor as well as the audit client. The panel discussed challenges and practical considerations around:

• New ways of working
• Risk identification and internal controls
• Materiality
• Ethics and independence
• People wellness

This document provides a summary of key takeaways from the discussion.