Notice—COVID-19: Audit FAQ (update)
Dec-2020

Target Audience: All attest auditors

Effective date: Immediately

Prepared by: Audit Services

Description: The COVID-19: Audit FAQ has been updated to include more guidance. The FAQ is available on the Intranet under the page COVID-19 Accounting, Financial Reporting and Auditing Guidance:

  • COVID 19: Audit FAQ—Dec-2020

The main changes to the FAQ are:

Description of changes Where is the change
  • Enhanced and new guidance on materiality, significant risks and fraud risk assessment
  • Materiality and Risk Assessment FAQ section—updated Question 1 and added Questions 2 to 5
  • New guidance on performing walkthrough procedures virtually
  • Internal controls section—added Question 4
  • New guidance on electronic audit evidence
  • Documentation and Consultation section—added Question 3
  • New guidance on going concern and impairment
  • Added a new Going Concern and Impairment section

Questions: Contact AEA