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FRC: Updated Guidance for Auditors Affected by Covid-19

This Bulletin is intended to provide guidance to auditors affected by Covid-19 and is now also including ‘gathering evidence through remote means’. It is driven by two factors:

  • In order to be able to give an audit opinion that is not subject to a disclaimer or qualification due to a scope limitation, the auditor must always obtain sufficient, appropriate audit evidence;
  • Even in challenging times, the flow of high quality, independently assured information to support the functioning of capital markets is of fundamental importance. Reporting on audit engagements should be driven by the information needs of users of audited financial statements.
The bulletin includes a non-exhaustive list of factors auditors should be considering when carrying out audit engagements in the current circumstances, along with guidance on how they might be addressed. The FRC may issue further guidance, if it is required as the situation develops.
This guidance is intended to help auditors deal with the emerging situation and should not be considered to be enduring or long-term solutions that will apply when normal circumstances resume. The FRC will withdraw this Bulletin when circumstances return to normal.
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