Strategies for managing audit risks associated with a pandemic

“You have a very interesting year, where the traditional auditing approach and the usual risk assessment approach may not be the same,” Graham said.

Graham said that the implementation of the FASB Accounting Standards Update No. 2014-09 guidelines, Income From Arrangements With Consumers (Topic 606), offers a clear indication of the complexities of auditing sampling procedures after the pandemic.

“You should not issue an opinion that you can not defend from litigation exposure and professional standards perspectives,” he said. “This kind of atmosphere is going to place the auditor at risk to know where you really don’t have enough evidence, with certainty of saying,’ Sure. This sector is as presented at this point in the financial statements.”

#ENGAGE2020 #AICPA #AuditRisks #Pandemic #FASBAccounting

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