IAASB Updates Pandemic Response

The International Auditing and Assurance Standard Board (IAASB) has provided an update on its COVID-19 response. It noted that the COVID-19 pandemic continues to disrupt markets, businesses, and organizations. This disruption has spawned an environment of uncertainty and unpredictability that may create risks that are new or intensified in the circumstances.

Pandemic Response

The IAASB has sought to assist, adapt, and collaborate with its stakeholders and to support the auditors’ role in sustaining trust in financial and other external reporting. To that end, the IAASB has been working with its national standard-setting partners and the International Ethics Standards Board for Accountants (IESBA) to coordinate efforts and has been in regular discussion with regulatory authorities.

Elements of IAASB’s Pandemic Response

The core element of IAASB’s pandemic response has been to develop a series of specific COVID-19 audit-related resources to assist stakeholders and the larger accountancy community navigate the application of the International Standards on Auditing (ISAs) in the current circumstances. The IAASB has published six “Staff Practice Alerts” addressing the following topics:

  • Areas of Focus in an Evolving Audit Environment Due to the Impact of COVID-19;
  • Going Concern;
  • Subsequent Events;
  • Auditor Reporting;
  • Auditing Accounting Estimates; and Review Engagements on Interim Financial Information.

Each of these Staff Practice Alerts highlights key matters and areas of focus within the subject matter.

COVID-19 (Coronavirus) Resources for Tax & Accounting Professionals

Wolters Kluwer is right by your side to help you stay up to date with tax and compliance changes and support your ability to work remotely. Please visit our visit our webpage for more resources.

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