How should the impact of COVID-19 be reported during an audit?

The impacts of COVID-19 on an audit report or financial statement will vary depending on the individual business and should be considered on a case-by-case basis. The ICAEW has said there is “no standard response to COVID-19 with regard to audits or disclosures in the accounts”.

The Financial Reporting Council have also confirmed that they will not be providing boilerplate wording to be used in audit reports in respect of the coronavirus pandemic and stressed the importance of the auditor ensuring any disclosures they do make are entity-specific and useful to users of the financial statements.