Auditing in an uncertain world
In the short-term, life as we know it has certainly changed with the outbreak of COVID-19, but the world economy and business has to continue as normal, within government guidelines, as far as practically possible. Reporting on audit engagements is driven by the needs of the users of audited financial statements – those needs will be at their highest in the coming months and beyond.
There are no special exemptions, reduction of regulations or relaxations in the auditing profession and rightly so. In challenging times such as these high-quality auditing is more important than ever.
So how do we continue to audit in a world with severe lock downs and restrictions on businesses and those people within them?
Firms that have moved to electronic working papers already will find the transition to working away from the office easier than those still using paper-based audit systems.
Those firms that either have cloud-based technology and invested in IT systems that allow remote working, again, will find it much more comfortable to deploy the workforce outside of the office and get it operating efficiently.
Further investment in IT systems to enable communication with clients via such platforms as video calling will also enable firms to better manage the new working practices.
When using these forms of auditing auditors will still need to obtain sufficient, appropriate audit evidence to support conclusions drawn on financial statements.
Here at Lewis Brownlee, due to our investment in client service, staffing training and IT, we are proud to say our previous move to electronic audit files, a cloud based accounting and practice management system and the ability of all of staff to work remotely has resulted in our services being uninterrupted as we continue to assist all of our clients during these challenging times.
If you’d like to find out more about Lewis Brownlee’s Audit and Compliance Services please head to our page or you can get in touch with us at our Chichester office on 01243 782 423.