The focus on auditor’s reports has increased in the current environment as investors and other users of financial statements seek greater transparency from entities around the impacts of Covid-19 in the financial statements, as well as greater transparency into the audit. Covid-19 may result in a rise in modifications to the auditor’s opinion, or have other implications on the auditor’s report, such as inclusion of material uncertainties relating to going concern, use of emphasis of matter paragraphs, and for listed entities, implications for key audit matters (KAMs)/critical audit matters (CAMs).

In the final of a three-part webinar series, IFAC convened a panel of audit experts to share their perspectives and practical insights on auditor reporting in the pandemic environment. The panel also reflected more generally on lessons learned over the last few months.

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

Access Guidance for Auditors from the IAASB