The webinar series focuses on audit quality considerations in the pandemic environment, highlighting key challenges and practical insights for auditors. The second session, held on July 16, included discussions on audit evidence, accounting estimates, and engagement quality reviews, featuring panelists from various auditing organizations. Attendees were encouraged to submit questions and were informed about the next webinar scheduled for July 23, which will cover audit reporting.

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Weekly Webinar Series – Webinar 2 – July 16
Practical Audit Quality Considerations –
Performing the Audit in the Pandemic
Environment
Paul Ginman – Webinar Chair
• Member, IFAC Transnational Auditors Committee
• Chief Operating Officer & Global Head of Quality, Nexia International
Welcome Bonjour Bienvenidos
The Webinar will begin at 07:00 EDT/New York Time

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Paul Ginman
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

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Paul Ginman
Webinar #2 Objective…
Highlight some of the
key challenges to Audit
Quality in performing
the audit in the
pandemic environment
Building on Webinar
#1, offer insights on
practical
considerations to help
navigate those
challenges

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• Sue Almond
Member, IAASB &
Global Head of Assurance, Grant Thornton International
• Jennifer Chowhan
HLB International [Member, Forum of Firms] &
Partner, Millards, Canada
• Klaus Bertram
Member, IFAC Small and Medium Practices Advisory Group &
Founder and Managing Partner of DELTA Revision GmbH, Mannheim, Germany
• Megan Zietsman
Chief Auditor and Director of Professional Standards
United States PCAOB
• Ralph Weinberger
PricewaterhouseCoopers International Limited [Member, Forum of Firms] &
Leader of Global Assurance Quality-Methodology and Leader of Global Assurance Quality- Learning & Education
Panelists
Paul Ginman

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• 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…
Paul Ginman

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• So much information re COVID
• Uncertainty and fear
• The importance of ‘safety’
• For some – spikes in infection & going back into lock-down
• Despite thoughtful audit planning, the pandemic
environment can mean performing the audit may not go as
anticipated…
Context…
Paul Ginman

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As confirmed in Webinar #1,
while so much has changed,
some things have not – our
commitment to:
• Audit Quality
• Professional standards
• Community and society
Continued Commitment…
Paul Ginman

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New ways of working
Risk identification & internal controls
Materiality
Ethics/Independence
Key areas of focus from Webinar #1…
Paul Ginman
AUDIT APPROACH
PEOPLE WELLNESS

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Paul Ginman
Given all this, today’s webinar…
• AQ Challenges & Practical AQ Considerations ≈ 30 mins
• Q&A ≈ 15 minsAudit Evidence
• Same as above
Accounting
Estimates
• Roundtable with Q&A ≈ 15 mins
Engagement
Quality Reviews

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• Travel restrictions
• Remote access / reliance on technology
• Reliability / credibility of audit evidence
• Professional skepticism
• Documentation
• Group audits – revised reporting deadlines
AQ Challenges & Practical Considerations
Paul Ginman & Panelists
AUDIT EVIDENCE

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Panelists
AQ Challenges & Practical Considerations
Q&A – Audit Evidence
Please submit questions via Q&A function

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• Historic experience likely not representative of current/
future environment
• Much uncertainty re assumptions under pinning significant
estimates
• Fair values, impairment testing of intangibles, goodwill,
deferred tax assets
AQ Challenges & Practical Considerations
Paul Ginman & Panelists
ACCOUNTING ESTIMATES

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Panelists
AQ Challenges & Practical Considerations
Q&A – Accounting Estimates
Please submit questions via Q&A function

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• Threshold for EQRs
• Audit budgets re EQRs
• Documentation
• Effective communication
AQ Challenges & Practical Considerations
Paul Ginman
ENGAGEMENT QUALITY REVIEWS

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Panelist Roundtable Discussion
AQ Challenges & Practical Considerations
Panelists
ENGAGEMENT QUALITY REVIEWS

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Panelists
AQ Challenges & Practical Considerations
Q&A – Engagement Quality Reviews
Please submit questions via Q&A function

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– One pager on key points from this Webinar
– Recording of this webinar
– Financial Reporting and Audit Issues due to the pandemic
– Curated Covid-19 resources webpage
Look out for the following…
WWW.IFAC.ORG
WWW.IAASB.ORG
WWW.ETHICSBOARD.ORG

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Next Webinar – Audit Reporting & Looking Forward
July 23 07:00 – 09:00 NY
12:00 – 14:00 London
21:00 – 23:00 Sydney
Registration Required
www.ifac.org

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Thank You
CHAIR & ALL
PANELISTS
FOR ATTENDING BE SAFE
POP-UP SURVEY
See you next Thursday Jul 23 – Webinar #3

20. www.ifac.org
@InternationalFederation
OfAccountants
@IFAC
International Federation
of Accountants
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