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• Josephine Jackson
Member, IAASB &
Director – International Auditing and Assurance Standards, UK Financial Reporting Council
• Caroline Monk
HLB International [Member, Forum of Firms] &
Executive Partner, Beever and Struthers, UK
• Andrew Brathwaite
Member, IFAC Small and Medium Practices Advisory Group &
Audit Partner, KPMG Barbados
• Richard Lawrence
Head of Accounting & Valuation Policy
Nat West Group plc
• Lisa Smith
Deloitte Touche Tohmatsu Limited [Member, Forum of Firms]
Managing Director, Deloitte & Touche LLP
Panelists
David Isherwood](https://image.slidesharecdn.com/webinar3auditorrptglkgahead-july232020-finaltolauraandbhumi-200728130457/75/Practical-Audit-Quality-Considerations-Auditor-Reporting-in-the-Pandemic-Environment-Looking-Ahead-4-2048.jpg)
Uploaded byInternational Federation of Accountants
Practical Audit Quality Considerations – Auditor Reporting in the Pandemic Environment & Looking Ahead
The document summarizes a webinar on practical audit quality considerations regarding auditor reporting in the pandemic environment and looking ahead. It discusses challenges around going concern assessments, auditor reports, and looking to the future. A panel discusses issues like evaluating business disruption, enhanced communication on modified opinions, and lessons learned on people wellness and agility that could enhance audit quality going forward. The webinar aims to help navigating reporting challenges and consider useful insights for future auditing.
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Practical Audit Quality Considerations – Auditor Reporting in the Pandemic Environment & Looking Ahead
- 1. Page 1 |Proprietary and Copyrighted Information Weekly Webinar Series – Webinar 3 – July 23 Practical Audit Quality Considerations – Auditor Reporting in the Pandemic Environment & Looking Ahead David Isherwood – Webinar Chair • Chair, Forum of Firms • Partner, Audit Advisory, BDO UK Welcome Bonjour Bienvenidos This webinar will be recorded and made available @ www.ifac.org
- 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 & Looking Ahead – Thursday July 23
- 3. Page 3 |Proprietary and Copyrighted Information David Isherwood Webinar #3 Objective… Highlight some of the key challenges to Audit Quality in reporting on the audit in the pandemic environment – and looking ahead to the future Building on Webinar #1 & #2, offer insights on practical considerations to help navigate those challenges and consider useful lessons learnt from this continuing experience for how we audit in the future
- 4. Page 4 |Proprietary and Copyrighted Information • Josephine Jackson Member, IAASB & Director – International Auditing and Assurance Standards, UK Financial Reporting Council • Caroline Monk HLB International [Member, Forum of Firms] & Executive Partner, Beever and Struthers, UK • Andrew Brathwaite Member, IFAC Small and Medium Practices Advisory Group & Audit Partner, KPMG Barbados • Richard Lawrence Head of Accounting & Valuation Policy Nat West Group plc • Lisa Smith Deloitte Touche Tohmatsu Limited [Member, Forum of Firms] Managing Director, Deloitte & Touche 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’ • For some – spikes in infection & going back into lock-down • Despite thoughtful audit planning and exercising of professional skepticism throughout audit execution, challenges may exist as to how we conclude and report on the audit… Context… David Isherwood
- 7. Page 7 |Proprietary and Copyrighted Information As confirmed in Webinar #1 & #2, while so much has changed, some things have not – our commitment to: • Audit Quality • Professional standards • Community and society Continued Commitment… David Isherwood
- 8. Page 8 |Proprietary and Copyrighted Information New ways of working Risk identification & internal controls Materiality Ethics/Independence Key areas of focus from Webinar #1… David Isherwood AUDIT APPROACH PEOPLE WELLNESS
- 9. Page 9 |Proprietary and Copyrighted Information Key areas of focus from Webinar #2… David Isherwood AUDIT EVIDENCE ACCOUNTING ESTIMATES ENGAGEMENT QUALITY REVIEWS
- 10. Page 10 |Proprietary and Copyrighted Information David Isherwood Given all this, today’s webinar… • AQ Challenges & Practical AQ Considerations ≈ 30 mins • Q&A ≈ 15 mins GOING CONCERN • Same as aboveAUDITOR REPORTS • Roundtable with Q&A ≈ 15 minsLOOKING AHEAD
- 11. Page 11 |Proprietary and Copyrighted Information • Subjectivity of meaningful baseline economic forecasts • Complexity of evaluating the degree of business disruption • Announcement of gov’t relief vs knowing of all terms/conditions of relief • Disclosures related to Going Concern supporting the auditor’s report • Going concern assessments – Private vs Public companies • Documentation AQ Challenges & Practical Considerations David Isherwood & Panelists GOING CONCERN
- 12. Page 12 |Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – Going Concern Please submit questions via Q&A function
- 13. Page 13 |Proprietary and Copyrighted Information • KAMs/CAMs, modified opinions • Subsequent events – adjusting vs non-adjusting • Possible increased differences of views btwn client and auditor • ‘Close calls’ • C/KAMs (or new C/KAMs) in auditors report • Enhanced communication with client on other than ‘clean’ opinions AQ Challenges & Practical Considerations David Isherwood & Panelists AUDITOR REPORTS
- 14. Page 14 |Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – Auditor Reports Please submit questions via Q&A function
- 15. Page 15 |Proprietary and Copyrighted Information • What have we learnt – auditors & clients – useful lessons going forward • What has changed…forever? • Automation, new skill sets identified • Agility/nimbleness • People wellness, talent attraction, enhanced supervision and communication skills with audit teams • Continue building from here to further enhance audit quality • Ready for the next pandemic? AQ Challenges & Practical Considerations David Isherwood LOOKING AHEAD
- 16. Page 16 |Proprietary and Copyrighted Information Panelist Roundtable Discussion AQ Challenges & Practical Considerations Panelists LOOKING AHEAD
- 17. Page 17 |Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – Looking Ahead Please submit questions via Q&A function
- 18. Page 18 |Proprietary and Copyrighted Information – One pager on key points from all 3 Webinars – Recording of all 3 Webinars – 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
- 19. Page 19 |Proprietary and Copyrighted Information Thank You CHAIR & ALL PANELISTS FOR ATTENDING BE SAFE POP-UP SURVEY AUDIT QUALITY IS PARAMOUNT
- 20.