Report: Auditors concerned over market-wide capacity issue
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Audit reforms will be published shortly says government
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Brexit and COVID drive audit process rethink 16 February 2021: The double whammy of Brexit and COVID has prompted an important focus on approaches to audit that could prove beneficial to auditors and clients alike.
The pandemic’s huge impact on business, combined with the more recent ramifications of the UK’s departure from the EU, are forcing auditors to think hard about what they do, how they do it and re-evaluate the risks to business.
Paul Winrow, Technical Partner at MHA MacIntyre Hudson, says the two issues combined had presented the audit community with an opportunity to approach audits in a fresh way. “Auditors have a tendency to approach audits by doing the same as they did last year,” comments Winrow. “This is a useful opportunity to think again about why we’re doing audits, how we do them and what the risks are.”