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
Article Credits –
Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.