Abstract:

Undoubtedly pandemic has far reaching implications for each sphere of our lives and accountancy is no exception. Auditors must adapt to new circumstances. The aim of this paper is to evaluate the possible impact of current COVID-19 pandemic on financial statements and external audit to drive broader discussion about approach to audit procedures in the new circumstances. The aim was accomplished by researching and analyzing key impacted areas trying to find possible answers to newly recognized challenges. The natural next step for further research will be to conduct audits in new circumstances, gather practical experience, insights, data and based on that draw final conclusions which may change approach to audit in the future. This will include also recommendation for reasonable alternative and additional audit procedures.