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Page 1 | Proprietary and Copyrighted Information
Weekly Webinar Series – Webinar 3 – July 23
Practical Audit Quality Consi...
Page 2 | Proprietary and Copyrighted Information
David Isherwood
Weekly Webinar Series – 07:00 to 09:00 NY Time
Audit Plan...
Page 3 | Proprietary and Copyrighted Information
David Isherwood
Webinar #3 Objective…
Highlight some of the key
challenge...
Page 4 | Proprietary and Copyrighted Information
• Josephine Jackson
Member, IAASB &
Director – International Auditing and...
Page 5 | Proprietary and Copyrighted Information
• Global humanitarian crisis – massive loss of life & suffering
• Seismic...
Page 6 | Proprietary and Copyrighted Information
• So much information re COVID
• Uncertainty and fear
• The importance of...
Page 7 | Proprietary and Copyrighted Information
As confirmed in Webinar #1
& #2, while so much has
changed, some things h...
Page 8 | Proprietary and Copyrighted Information
New ways of working
Risk identification & internal controls
Materiality
E...
Page 9 | Proprietary and Copyrighted Information
Key areas of focus from Webinar #2…
David Isherwood
AUDIT EVIDENCE
ACCOUN...
Page 10 | Proprietary and Copyrighted Information
David Isherwood
Given all this, today’s webinar…
• AQ Challenges & Pract...
Page 11 | Proprietary and Copyrighted Information
• Subjectivity of meaningful baseline economic forecasts
• Complexity of...
Page 12 | Proprietary and Copyrighted Information
Panelists
AQ Challenges & Practical Considerations
Q&A – Going Concern
P...
Page 13 | Proprietary and Copyrighted Information
• KAMs/CAMs, modified opinions
• Subsequent events – adjusting vs non-ad...
Page 14 | Proprietary and Copyrighted Information
Panelists
AQ Challenges & Practical Considerations
Q&A – Auditor Reports...
Page 15 | Proprietary and Copyrighted Information
• What have we learnt – auditors & clients – useful lessons going forwar...
Page 16 | Proprietary and Copyrighted Information
Panelist Roundtable Discussion
AQ Challenges & Practical Considerations
...
Page 17 | Proprietary and Copyrighted Information
Panelists
AQ Challenges & Practical Considerations
Q&A – Looking Ahead
P...
Page 18 | Proprietary and Copyrighted Information
– One pager on key points from all 3 Webinars
– Recording of all 3 Webin...
Page 19 | Proprietary and Copyrighted Information
Thank You
CHAIR & ALL
PANELISTS
FOR ATTENDING BE SAFE
POP-UP SURVEY
AUDI...
www.ifac.org
@InternationalFederation
OfAccountants
@IFAC
International Federation
of Accountants
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Practical Audit Quality Considerations – Auditor Reporting in the Pandemic Environment & Looking Ahead

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Practical Audit Quality Considerations – Auditor Reporting in the Pandemic Environment & Looking Ahead

  1. 1. Page 1 | Proprietary and Copyrighted Information Weekly Webinar Series – Webinar 3 – July 23 Practical Audit Quality Considerations – Auditor Reporting in the Pandemic Environment & Looking Ahead David Isherwood – Webinar Chair • Chair, Forum of Firms • Partner, Audit Advisory, BDO UK Welcome Bonjour Bienvenidos This webinar will be recorded and made available @ www.ifac.org
  2. 2. Page 2 | Proprietary and Copyrighted Information David Isherwood Weekly Webinar Series – 07:00 to 09:00 NY Time Audit Planning – Thursday July 9 Audit Execution – Thursday July 16 Auditor Reporting & Looking Ahead – Thursday July 23
  3. 3. Page 3 | Proprietary and Copyrighted Information David Isherwood Webinar #3 Objective… Highlight some of the key challenges to Audit Quality in reporting on the audit in the pandemic environment – and looking ahead to the future Building on Webinar #1 & #2, offer insights on practical considerations to help navigate those challenges and consider useful lessons learnt from this continuing experience for how we audit in the future
  4. 4. Page 4 | Proprietary and Copyrighted Information • Josephine Jackson Member, IAASB & Director – International Auditing and Assurance Standards, UK Financial Reporting Council • Caroline Monk HLB International [Member, Forum of Firms] & Executive Partner, Beever and Struthers, UK • Andrew Brathwaite Member, IFAC Small and Medium Practices Advisory Group & Audit Partner, KPMG Barbados • Richard Lawrence Head of Accounting & Valuation Policy Nat West Group plc • Lisa Smith Deloitte Touche Tohmatsu Limited [Member, Forum of Firms] Managing Director, Deloitte & Touche LLP Panelists David Isherwood
  5. 5. Page 5 | Proprietary and Copyrighted Information • Global humanitarian crisis – massive loss of life & suffering • Seismic impact – every facet of how we think & operate • Massive economic consequences • We’re still very much comprehending & adjusting both personally and professionally • More recently, strong movement on racial justice issues Context… David Isherwood
  6. 6. Page 6 | Proprietary and Copyrighted Information • So much information re COVID • Uncertainty and fear • The importance of ‘safety’ • For some – spikes in infection & going back into lock-down • Despite thoughtful audit planning and exercising of professional skepticism throughout audit execution, challenges may exist as to how we conclude and report on the audit… Context… David Isherwood
  7. 7. Page 7 | Proprietary and Copyrighted Information As confirmed in Webinar #1 & #2, while so much has changed, some things have not – our commitment to: • Audit Quality • Professional standards • Community and society Continued Commitment… David Isherwood
  8. 8. Page 8 | Proprietary and Copyrighted Information New ways of working Risk identification & internal controls Materiality Ethics/Independence Key areas of focus from Webinar #1… David Isherwood AUDIT APPROACH PEOPLE WELLNESS
  9. 9. Page 9 | Proprietary and Copyrighted Information Key areas of focus from Webinar #2… David Isherwood AUDIT EVIDENCE ACCOUNTING ESTIMATES ENGAGEMENT QUALITY REVIEWS
  10. 10. Page 10 | Proprietary and Copyrighted Information David Isherwood Given all this, today’s webinar… • AQ Challenges & Practical AQ Considerations ≈ 30 mins • Q&A ≈ 15 mins GOING CONCERN • Same as aboveAUDITOR REPORTS • Roundtable with Q&A ≈ 15 minsLOOKING AHEAD
  11. 11. Page 11 | Proprietary and Copyrighted Information • Subjectivity of meaningful baseline economic forecasts • Complexity of evaluating the degree of business disruption • Announcement of gov’t relief vs knowing of all terms/conditions of relief • Disclosures related to Going Concern supporting the auditor’s report • Going concern assessments – Private vs Public companies • Documentation AQ Challenges & Practical Considerations David Isherwood & Panelists GOING CONCERN
  12. 12. Page 12 | Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – Going Concern Please submit questions via Q&A function
  13. 13. Page 13 | Proprietary and Copyrighted Information • KAMs/CAMs, modified opinions • Subsequent events – adjusting vs non-adjusting • Possible increased differences of views btwn client and auditor • ‘Close calls’ • C/KAMs (or new C/KAMs) in auditors report • Enhanced communication with client on other than ‘clean’ opinions AQ Challenges & Practical Considerations David Isherwood & Panelists AUDITOR REPORTS
  14. 14. Page 14 | Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – Auditor Reports Please submit questions via Q&A function
  15. 15. Page 15 | Proprietary and Copyrighted Information • What have we learnt – auditors & clients – useful lessons going forward • What has changed…forever? • Automation, new skill sets identified • Agility/nimbleness • People wellness, talent attraction, enhanced supervision and communication skills with audit teams • Continue building from here to further enhance audit quality • Ready for the next pandemic? AQ Challenges & Practical Considerations David Isherwood LOOKING AHEAD
  16. 16. Page 16 | Proprietary and Copyrighted Information Panelist Roundtable Discussion AQ Challenges & Practical Considerations Panelists LOOKING AHEAD
  17. 17. Page 17 | Proprietary and Copyrighted Information Panelists AQ Challenges & Practical Considerations Q&A – Looking Ahead Please submit questions via Q&A function
  18. 18. Page 18 | Proprietary and Copyrighted Information – One pager on key points from all 3 Webinars – Recording of all 3 Webinars – Financial Reporting and Audit Issues due to the pandemic – Curated Covid-19 resources webpage Look out for the following… WWW.IFAC.ORG WWW.IAASB.ORG WWW.ETHICSBOARD.ORG
  19. 19. Page 19 | Proprietary and Copyrighted Information Thank You CHAIR & ALL PANELISTS FOR ATTENDING BE SAFE POP-UP SURVEY AUDIT QUALITY IS PARAMOUNT
  20. 20. www.ifac.org @InternationalFederation OfAccountants @IFAC International Federation of Accountants Follow us!

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