How To Develop Your Skill For Great Success And Happiness Including Become CPA? | Additional special tips From Admin
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Tips for auditing in a COVID-19 environment
Operational changes, remote procedures, and new risks associated with the coronavirus pandemic have made the audit environment much different than it was in the days before COVID-19.
George Botic, director of the PCAOB’s Division of Registrations and Inspections, provided observations on the new environment Wednesday during the AICPA Conference on Current SEC and PCAOB Developments.
He addressed audit best practices, common and recurring deficiencies identified in PCAOB inspections, reminders related to the pandemic, and other issues.
Certain firms modified their internal monitoring programs to target specific engagements in industries more likely to be affected by COVID, Botic said.
He said firms also emphasized the importance of consultation and in some cases established supplemental consultation requirements for issues including receipt of government assistance, changes to materiality assessments, market changes impacting accounting, and going concern considerations.
The remote environment brought about big changes in inventory observations, with mobile devices and applications used in the process.
“Using real-time video streaming, an engagement team verified the inventory location from its prior knowledge of the facility, had company personnel walk the floor, directed the selection of test counts, and performed the procedures otherwise completed in person using mobile devices,” Botic said. “I will add [that] for virtual inventory, be mindful of the need for portable power banks for the devices and ensure that connectivity is available throughout and around the entire facility.”
The most common deficiencies identified in PCAOB inspections included areas that have been challenges for auditors in the past:
Auditor independence is foundational for high quality, Botic said.
“Auditors are required to be independent of their audit clients both in fact and in appearance,” he said. “We continue to identify deficiencies that suggest that some firms may not have appropriate quality control systems in place to prevent violations of SEC and/or PCAOB independence rules.”
He said PCAOB inspections focus primarily on four areas related to independence. Inspectors:
The PCAOB has noted some good practices developed by firms in their continuing quest to improve audit quality:
“All these good practices should of course be adjusted for the size of the firm and the size and nature of the engagement,” Botic said.
New fraud risks have emerged as a result of the pandemic.
Auditors may need to revisit their initial assessment of risks and modify planned procedures accordingly as circumstances evolve, Botic said. He encouraged engagement teams to consider procedures in areas that may be more susceptible to fraud.
Examples of those areas include:
Botic highlighted five takeaways that practitioners should keep in mind as they work toward performing high-quality audits:
For more information on accounting and auditing issues amid the pandemic, consult the AICPA’s COVID-19: Audit & Assurance resources.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.
Research & References of Tips for auditing in a COVID-19 environment|A&C Accounting And Tax Services
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A note for you if you pursue CPA licence, KEEP PRACTICE with the MANY WONDER HELPS I showed you. Make sure to check your works after solving simulations. If a Cashflow statement or your consolidation statement is balanced, you know you pass right after sitting for the exams. I hope my information are great and helpful. Implement them. They worked for me. Hey.... turn gray hair to black also guys. Do not forget HEALTH?
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