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IAASB assists with audit considerations for the impact of COVID-19

  • IAASB - Assurance Image

Jul 31, 2020

On July 31, 2020, the In­ter­na­tional Au­dit­ing and As­sur­ance Stan­dards Board's (IAASB) Chair, Tom Seidenstein, gave an update on the Board's COVID-19 response.

The COVID-19 pandemic continues to disrupt markets, businesses, and organizations. This disruption has spawned an environment of uncertainty and unpredictability that may create risks that are new, or intensified, in the circumstances.

The IAASB's goal is to support the important role auditors must play in sustaining trust in financial and other external reporting. The IAASB has been closely working with its national standard-setting partners and the International Ethics Standards Board for Accountants (IESBA) to coordinate efforts and has been in regular discussion with regulatory authorities.

A core element of their COVID-19 response has been the development of a series of specific COVID-19 audit related resources to help our stakeholders, and the larger accountancy community, navigate the application of the International Standards on Auditing (ISAs) in the current circumstances.

Since March, the IAASB has published six “Staff Audit Practice Alerts”.

Review the press release and alerts on the IAASB's website.

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