Question

discuss how COVID-19 will affect your (as an Audit Manager) audit planning, execution and reporting:

a. Risk Assessment

b. Audit Planning and Audit Strategy

c. Going concern assessment

d. Audit Opinion

Answer 1

Effect of covid 19 in following

A) Risk assesment :

A risk assessment is the combined effect of identifying and analysing potential event that may negatively impact, individual assesse and business. Covid-19 is also one of them. Due to this economy goes down .

B) Audit planning;

Auditor have to determine the impact of covid 19 on the business and afyer that have to prepare starategy during the audit.

C) Going concern:

Many of business shuts down due to this panadamic. There is lockdown everywhere because of the lockdown demand of every product decreases which leads to shut down the many of business . Also there is no worker in the business available at this time this is another reason of shutting down business.

D) Audit opinion:

After the impact of low businesss activity and going concern auditor draw ita conclusion