Webinar Series: Practical Audit Quality Considerations Webinar 2 – Performing the Audit in the Pandemic Environment: Recording & Summary of Key Takeaways

The pandemic environment has led to measures such as social distancing which have changed the way that auditors and their clients perform their work. The environment is also significantly changing the economic realities for many entities and the change is continuing. Auditors need to be ready to react, while ensuring they maintain a commitment to audit quality and adherence to professional standards.

In the second of a three-part webinar series, IFAC convened a panel of audit experts to share their perspectives and practical insights on performing the audit in the pandemic environment. The panel discussed challenges and practical considerations around:

• Audit evidence
• Inventory
• Documentation
• Accounting estimates
• Engagement quality reviews

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