Audit files need to reflect the challenges and uncertainties of the pandemic. Peter Herbert suggests key areas of focus, including impairment, materiality, letters of support, COVID-19 support schemes, information produced by the entity and professiona…
More must be done to improve the quality of local authority financial reporting and audit.
A guide to the updated illustrative auditor’s reports available from the faculty and the FRC, including material uncertainty and going concern.
Shaping and strengthening organisational culture can have a positive impact on audit quality. The FRC shares some helpful ideas and examples of good practice relating to people and processes.
John Selwood says considerations relating to support from group companies are presenting auditors with plenty to think about.