Slides from the IFAC webinar: Planning the Audit in the Pandemic Envrionment. For more information, please visit: htthttps://bit.ly/3eSC8cK

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Weekly Webinar Series – Webinar 1 – July 9
Practical Audit Quality Considerations –
Planning the Audit in the Pandemic
Environment
Welcome Bonjour Bienvenidos
David Isherwood – Webinar Chair
• Chair, Forum of Firms
• Partner, Audit Advisory, BDO UK
The Webinar will begin at 07:00 EDT

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David Isherwood
Weekly Webinar Series – 07:00 to 09:00 NY Time
Audit Planning – Thursday July 9
Audit Execution – Thursday July 16
Auditor Reporting and Looking Ahead – Thursday
July 23

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David Isherwood
Webinar #1 Objective…
Highlight some of the
key challenges to Audit
Quality in both planning
the audit and ensuring
‘people wellness’ in the
pandemic environment
Offer insights on
practical considerations
to help navigate those
challenges

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• Fiona Campbell – Deputy Chair, International Auditing & Assurance Standards Board &
Partner, Assurance, Ernst & Young, Australia
• Kym Reilly – PKF International Limited [Member, Forum of Firms] &
Partner, Audit & Assurance, PKF Australia
• Alex Peal – Member, IFAC Small and Medium Practices Advisory Group &
Managing Partner at James Cowper Kreston, UK
• Laurie Tugman – Member, IFAC Professional Accountants in Business Advisory Group &
Corporate Director, Canada
• Dora Burzenski – Deloitte Touche Tohmatsu Limited [Member, Forum of Firms]
Managing Director, Deloitte LLP
Panelists
.
David Isherwood

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• 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

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• So much information re COVID
• Uncertainty and fear
• The importance of ‘safety’
• Impacting all aspects of audit planning
– fair values, going concern…
Context…
David Isherwood

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While so much has changed,
some things have not –
commitment to:
• Audit Quality
• Professional standards
• Community and society
Continued Commitment…
David Isherwood

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David Isherwood
Given all this, today’s webinar…
• AQ Challenges & Practical AQ
Considerations ≈ 1.0 hour
• Q&A ≈ 0.5 hour
Audit
Approach
• Roundtable with Q&A ≈ 0.5 hour
People
Wellness

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AQ Challenges & Practical Considerations
David Isherwood
AUDIT APPROACH

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New Ways of Working
– Audit budget, timing, staffing, communication, logistics
– Remote access
• Auditor
• Audit teams
• Evidence
AQ Challenges & Practical Considerations
David Isherwood & Panelists
AUDIT APPROACH

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Risk Identification & Internal Controls
– Risk identification & assessments iterative
– New or different risks
– Continuous re-assessment
– Uncertainty
David Isherwood & Panelists
AQ Challenges & Practical Considerations
AUDIT APPROACH

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Materiality
– Professional judgment
– Re-assessment of materiality benchmarks?
– Current environment resulting in revised materiality?
– Recognition of previously unadjusted balances
AQ Challenges & Practical Considerations
David Isherwood & Panelists
AUDIT APPROACH

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Ethics/Independence
– Confidentiality – new ways of working
– Intimidation threats
– New audit services
AQ Challenges & Practical Considerations
David Isherwood & Panelists
AUDIT APPROACH

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Panelists
AQ Challenges & Practical Considerations
Q&A – Audit Approach
Please submit questions via Q&A function

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AQ Challenges & Practical Considerations
David Isherwood

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• For many
– Increased professional demands and re-learning
– Increased demands on home life (eg: home schooling)
– ‘Virtual’ fatigue/exhaustion
AQ Challenges & Practical Considerations
David Isherwood
PEOPLE WELLNESS

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Leadership
– Maintaining team connectiveness
– Understanding staff welfare and trigger points
AQ Challenges & Practical Considerations
David Isherwood
PEOPLE WELLNESS

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Panelist Roundtable Discussion
AQ Challenges & Practical Considerations
Panelists
PEOPLE WELLNESS

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Panelists
AQ Challenges & Practical Considerations
Q&A – People Wellness
Please submit questions via Q&A function

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• All available on the IFAC Website – www.ifac.org
– One pager on key points from this Webinar
– Recording of this webinar
– Covid-19 resources webpage
– Curated resources on Financial Reporting and Audit Issues due to
the pandemic
Look out for the following…

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The next Webinar – Audit Execution
July 16 07:00 – 09:00 NY
12:00 – 14:00 London
Registration required –
go to the IFAC website
www.ifac.org

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Thank you
CHAIR & ALL
PANELISTS
TO YOU FOR
ATTENDING
BE SAFE

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OfAccountants
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