“This outbreak presents an opportunity for the audit profession to reflect on the recognition of its public interest responsibility, and to demonstrate its independence and resilience to external factors. Auditors should continue to apply the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour," says Bernard Agulhas, CEO of the IRBA.
Key areas of guidance include:
In addition to the above areas, auditors may also consider the implications for the auditor’s report.
A dedicated Covid-19 webpage has been added to the IRBA website. This will form a central repository of information that has been released both locally and internationally in relation to the outbreak and the implications on audits and auditors.