Australian Government
Auditing and Assurance Standards Board
Wednesday, December 16, 2020
This research report, authored by AUASB Staff James Wake and Anne Waters, provides a snapshot and analysis of auditor reporting for listed entities over the June 2019 and 2020 reporting seasons, focussing on the impact of the COVID-19 pandemic.
The June 2020 reporting period was extremely challenging, and the AUASB conducted this research to understand the impact of COVID-19 on auditor reporting and to identify any issues requiring an AUASB response.
The findings of the report demonstrate that, although the impact of COVID-19 on auditor reporting was significant, the level of going concern reporting and modifications in auditor’s reports was lower than prior years. This is possibly attributed to the impact of government and other financial assistance provided to entities during the COVID-19 crisis.
The AUASB will continue to observe the implications for auditor reporting as the economic environment changes and government and other financial assistance are removed. If you have any questions about the research report please contact Anne Waters at [email protected].