Audit Issues in a Pandemic
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
The COVID-19 pandemic created unique issues for auditors. Starting with how the audit is conducted, maintaining safety for staff and clients, and accessing client’s data and locations. Auditors also need to consider how transactions were posted, how government shutdowns affected the business, and how changes in consumer demand and spending affected the entity. Auditors need to review how the organization posted PPP or EIDL loans. Auditors need to take special care in reviewing pandemic related disclosures and going concern issues for audit clients
Publication Date: January 2021
Designed For
CPAs, CMAs, CIAs, CFEs, CFFs, MAFFs, internal auditors, external auditors, managers, staff accountants, CFOs and others responsible for the audit process.
Topics Covered
- Auditing Standards
- Financial Statement Assertions
- COVID”19 Issues
- Considering COVID”19 Fraud
- Audit Sampling
- Data Analytics Examples
Learning Objectives
- Identify audit issues related to the COVID”19 pandemic
- Recognize which type of sampling gives all items an equal chance of being selected
- Identify the correct formula for the audit risk model
- Recognize concerns for auditors in 2020
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
