Greater Emphasis on Planning
Auditors and their clients must coordinate the process,
especially for activities traditionally done on-site that are now
being done remotely. For example, is the technological
infrastructure in place to support necessary information and
document sharing and verification?
Increasing Reliance on Cloud-Based Solutions
Before COVID-19, many companies were exploring the
benefits of cloud-based accounting software. The pandemic
accelerated this trend. Similarly, cloud-based auditing solutions
have become a critical tool for managing and conducting audit
procedures.
Expanded Fraud Risks
The pandemic has led to new fraud risks, requiring
auditors to reevaluate their risk assessments and, in some cases,