![Page 4 | Proprietary and Copyrighted Information
• Fiona Campbell – Deputy Chair, International Auditing & Assurance Standards Board &
Partner, Assurance, Ernst & Young, Australia
• Kym Reilly – PKF International Limited [Member, Forum of Firms] &
Partner, Audit & Assurance, PKF Australia
• Alex Peal – Member, IFAC Small and Medium Practices Advisory Group &
Managing Partner at James Cowper Kreston, UK
• Laurie Tugman – Member, IFAC Professional Accountants in Business Advisory Group &
Corporate Director, Canada
• Dora Burzenski – Deloitte Touche Tohmatsu Limited [Member, Forum of Firms]
Managing Director, Deloitte LLP
Panelists
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David Isherwood](https://image.slidesharecdn.com/webinar1auditplanning-july92020-finalforwebinartorcandll-200714191402/85/Practical-Audit-Quality-Consideration-Planning-the-Audit-in-the-Pandemic-4-320.jpg)
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Practical Audit Quality Consideration - Planning the Audit in the Pandemic
The document outlines the first webinar in a series focusing on practical audit quality considerations during the pandemic, highlighting challenges in planning and ensuring the wellness of audit professionals. It includes insights from various panelists on topics such as risk identification, ethics, and the importance of maintaining audit quality amidst significant changes in work dynamics. The webinar also addresses the impact of COVID-19 and emphasizes the importance of continuous re-assessment of audit procedures and materials.
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Practical Audit Quality Consideration - Planning the Audit in the Pandemic
- 1. Page 1 |Proprietary and Copyrighted Information Weekly Webinar Series – Webinar 1 – July 9 Practical Audit Quality Considerations – Planning the Audit in the Pandemic Environment Welcome Bonjour Bienvenidos David Isherwood – Webinar Chair • Chair, Forum of Firms • Partner, Audit Advisory, BDO UK The Webinar will begin at 07:00 EDT
- 2. Page 2 |Proprietary and Copyrighted Information David Isherwood Weekly Webinar Series – 07:00 to 09:00 NY Time Audit Planning – Thursday July 9 Audit Execution – Thursday July 16 Auditor Reporting and Looking Ahead – Thursday July 23
- 3. Page 3 |Proprietary and Copyrighted Information David Isherwood Webinar #1 Objective… Highlight some of the key challenges to Audit Quality in both planning the audit and ensuring ‘people wellness’ in the pandemic environment Offer insights on practical considerations to help navigate those challenges
- 4. Page 4 |Proprietary and Copyrighted Information • Fiona Campbell – Deputy Chair, International Auditing & Assurance Standards Board & Partner, Assurance, Ernst & Young, Australia • Kym Reilly – PKF International Limited [Member, Forum of Firms] & Partner, Audit & Assurance, PKF Australia • Alex Peal – Member, IFAC Small and Medium Practices Advisory Group & Managing Partner at James Cowper Kreston, UK • Laurie Tugman – Member, IFAC Professional Accountants in Business Advisory Group & Corporate Director, Canada • Dora Burzenski – Deloitte Touche Tohmatsu Limited [Member, Forum of Firms] Managing Director, Deloitte LLP Panelists . David Isherwood
- 5. Page 5 |Proprietary and Copyrighted Information • Global humanitarian crisis – massive loss of life & suffering • Seismic impact – every facet of how we think & operate • Massive economic consequences • We’re still very much comprehending & adjusting both personally and professionally • More recently, strong movement on racial justice issues Context… David Isherwood
- 6. Page 6 |Proprietary and Copyrighted Information • So much information re COVID • Uncertainty and fear • The importance of ‘safety’ • Impacting all aspects of audit planning – fair values, going concern… Context… David Isherwood
- 7. Page 7 |Proprietary and Copyrighted Information While so much has changed, some things have not – commitment to: • Audit Quality • Professional standards • Community and society Continued Commitment… David Isherwood
- 8. Page 8 |Proprietary and Copyrighted Information David Isherwood Given all this, today’s webinar… • AQ Challenges & Practical AQ Considerations ≈ 1.0 hour • Q&A ≈ 0.5 hour Audit Approach • Roundtable with Q&A ≈ 0.5 hour People Wellness
- 9. Page 9 |Proprietary and Copyrighted Information AQ Challenges & Practical Considerations David Isherwood AUDIT APPROACH
- 10. Page 10 |Proprietary and Copyrighted Information New Ways of Working – Audit budget, timing, staffing, communication, logistics – Remote access • Auditor • Audit teams • Evidence AQ Challenges & Practical Considerations David Isherwood & Panelists AUDIT APPROACH
- 11. Page 11 |Proprietary and Copyrighted Information Risk Identification & Internal Controls – Risk identification & assessments iterative – New or different risks – Continuous re-assessment – Uncertainty David Isherwood & Panelists AQ Challenges & Practical Considerations AUDIT APPROACH
- 12. Page 12 |Proprietary and Copyrighted Information Materiality – Professional judgment – Re-assessment of materiality benchmarks? – Current environment resulting in revised materiality? – Recognition of previously unadjusted balances AQ Challenges & Practical Considerations David Isherwood & Panelists AUDIT APPROACH
- 13. Page 13 |Proprietary and Copyrighted Information Ethics/Independence – Confidentiality – new ways of working – Intimidation threats – New audit services AQ Challenges & Practical Considerations David Isherwood & Panelists AUDIT APPROACH
- 14. Page 14 |Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – Audit Approach Please submit questions via Q&A function
- 15. Page 15 |Proprietary and Copyrighted Information AQ Challenges & Practical Considerations David Isherwood
- 16. Page 16 |Proprietary and Copyrighted Information • For many – Increased professional demands and re-learning – Increased demands on home life (eg: home schooling) – ‘Virtual’ fatigue/exhaustion AQ Challenges & Practical Considerations David Isherwood PEOPLE WELLNESS
- 17. Page 17 |Proprietary and Copyrighted Information Leadership – Maintaining team connectiveness – Understanding staff welfare and trigger points AQ Challenges & Practical Considerations David Isherwood PEOPLE WELLNESS
- 18. Page 18 |Proprietary and Copyrighted Information Panelist Roundtable Discussion AQ Challenges & Practical Considerations Panelists PEOPLE WELLNESS
- 19. Page 19 |Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – People Wellness Please submit questions via Q&A function
- 20. Page 20 |Proprietary and Copyrighted Information • All available on the IFAC Website – www.ifac.org – One pager on key points from this Webinar – Recording of this webinar – Covid-19 resources webpage – Curated resources on Financial Reporting and Audit Issues due to the pandemic Look out for the following…
- 21. Page 21 |Proprietary and Copyrighted Information The next Webinar – Audit Execution July 16 07:00 – 09:00 NY 12:00 – 14:00 London Registration required – go to the IFAC website www.ifac.org
- 22. Page 22 |Proprietary and Copyrighted Information Thank you CHAIR & ALL PANELISTS TO YOU FOR ATTENDING BE SAFE
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