Circular No.

3/2020 April 14, 2020

ALL MEMBERS OF THE INSTITUTE

Dear Member

Publication of ‘The Impact of COVID-19 on Audit – A Guidance for Auditors’

The COVID-19 health crisis and continuing economic uncertainty present a unique set of challenges for
auditors. Auditors might face practical challenges in obtaining and evaluating the sufficiency and
appropriateness of audit evidence and completing the audits due to mobility and access restrictions.
There could also be resource and time constraints in completing the audits. However, in all
circumstances, the auditor’s work has to comply with the requirements of the International Standards
on Auditing as applicable in Pakistan (ISAs).

We understand that the audits conducted in COVID-19 impacted business environment would necessitate
heightened professional skepticism, more consideration and discussions of scope limitations.

With the objective to help auditors in responding to these challenges, the Institute’s Technical Services
team has prepared the publication “The Impact of COVID-19 on Audit – A Guidance for Auditors’.

This publication is in question and answer form, and in view of the audits conducted in prevailing and
post COVID-19 impacted environment, it:
 Highlights the significance of professional skepticism and possible scope limitations;
 Lists down and discusses key ISAs;
 Outlines a summary of significant areas requiring auditor’s consideration; and
 Provides responses to some of the common practical challenges that an auditor may encounter.

You can access the publication at: https://icap.net.pk/wp-content/uploads/2020/04/Impact-of-

COVID19-AuditGuidance.pdf

While the publication outlines some of the key areas and provides responses, however, appropriate
responses to issues will depend on auditor’s understanding and judgment of each audit’s unique facts
circumstances.

We hope you find this publication helpful.

Yours truly

Sohail Malik
Director Technical Services