Auditing Implications Of COVID-19

The COVID-19 crisis and related economic uncertainty present a unique set of challenges for companies and their auditors. While U.S. regulatory authorities, such as Securities and Exchange Commission (“SEC”) and Public Company Accounting Oversight Board (“PCAOB”), have been diligent in providing resources and guidance on reporting, auditors still have an obligation to comply with auditing standards and rules, and other applicable regulatory and professional requirements in all circumstances. This assignment provides an opportunity for you to apply your knowledge obtained in Lesson 2 in the current situation and think about how the global pandemic has changed the auditing environment (Note: For this assignment, we will focus on overall auditing environment, rather than specific audit procedures, as details of audit procedures are covered in later chapters).