For more information visit https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/weekly-webinar-series-practical-audit-quality-considerations-auditing-pandemic-environment-planning

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Weekly Webinar Series – Webinar 2 – July 16
Practical Audit Quality Considerations –
Performing the Audit in the Pandemic
Environment
Paul Ginman – Webinar Chair
• Member, IFAC Transnational Auditors Committee
• Chief Operating Officer & Global Head of Quality, Nexia International
Welcome Bonjour Bienvenidos
The Webinar will begin at 07:00 EDT/New York Time

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Paul Ginman
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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Paul Ginman
Webinar #2 Objective…
Highlight some of the
key challenges to Audit
Quality in performing
the audit in the
pandemic environment
Building on Webinar
#1, offer insights on
practical
considerations to help
navigate those
challenges

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• Sue Almond
Member, IAASB &
Global Head of Assurance, Grant Thornton International
• Jennifer Chowhan
HLB International [Member, Forum of Firms] &
Partner, Millards, Canada
• Klaus Bertram
Member, IFAC Small and Medium Practices Advisory Group &
Founder and Managing Partner of DELTA Revision GmbH, Mannheim, Germany
• Megan Zietsman
Chief Auditor and Director of Professional Standards
United States PCAOB
• Ralph Weinberger
PricewaterhouseCoopers International Limited [Member, Forum of Firms] &
Leader of Global Assurance Quality-Methodology and Leader of Global Assurance Quality- Learning & Education
Panelists
Paul Ginman

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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…
Paul Ginman

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• 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, the pandemic
environment can mean performing the audit may not go as
anticipated…
Context…
Paul Ginman

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As confirmed in Webinar #1,
while so much has changed,
some things have not – our
commitment to:
• Audit Quality
• Professional standards
• Community and society
Continued Commitment…
Paul Ginman

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New ways of working
Risk identification & internal controls
Materiality
Ethics/Independence
Key areas of focus from Webinar #1…
Paul Ginman
AUDIT APPROACH
PEOPLE WELLNESS

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Paul Ginman
Given all this, today’s webinar…
• AQ Challenges & Practical AQ Considerations ≈ 30 mins
• Q&A ≈ 15 minsAudit Evidence
• Same as above
Accounting
Estimates
• Roundtable with Q&A ≈ 15 mins
Engagement
Quality Reviews

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• Travel restrictions
• Remote access / reliance on technology
• Reliability / credibility of audit evidence
• Professional skepticism
• Documentation
• Group audits – revised reporting deadlines
AQ Challenges & Practical Considerations
Paul Ginman & Panelists
AUDIT EVIDENCE

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

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• Historic experience likely not representative of current/
future environment
• Much uncertainty re assumptions under pinning significant
estimates
• Fair values, impairment testing of intangibles, goodwill,
deferred tax assets
AQ Challenges & Practical Considerations
Paul Ginman & Panelists
ACCOUNTING ESTIMATES

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Panelists
AQ Challenges & Practical Considerations
Q&A – Accounting Estimates
Please submit questions via Q&A function

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• Threshold for EQRs
• Audit budgets re EQRs
• Documentation
• Effective communication
AQ Challenges & Practical Considerations
Paul Ginman
ENGAGEMENT QUALITY REVIEWS

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Panelist Roundtable Discussion
AQ Challenges & Practical Considerations
Panelists
ENGAGEMENT QUALITY REVIEWS

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Panelists
AQ Challenges & Practical Considerations
Q&A – Engagement Quality Reviews
Please submit questions via Q&A function

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– One pager on key points from this Webinar
– Recording of this webinar
– 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

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Next Webinar – Audit Reporting & Looking Forward
July 23 07:00 – 09:00 NY
12:00 – 14:00 London
21:00 – 23:00 Sydney
Registration Required
www.ifac.org

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Thank You
CHAIR & ALL
PANELISTS
FOR ATTENDING BE SAFE
POP-UP SURVEY
See you next Thursday Jul 23 – Webinar #3

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