Many auditors have begun to turn their sights to their next group of audits: clients with 2020 fiscal year ends. The World Health Organization declared a public health emergency on Jan. 30, 2020, meaning many of these clients will have been affected by the COVID-19 pandemic during the period under audit.
Auditing these clients will carry unique challenges, and certain areas may present heightened risks of material misstatement for the audit. Here are four such areas for auditors to consider as they prepare for their next audits of commercial entities.