Auditing in the time of COVID – the impact of COVID-19 on auditing in New Zealand and subsequent reforms

What is it about?

COVID-19 was at first expected to have a substantial impact on audit outcomes such as audit opinions. The effects that eventuated have been much less substantial so far. Nevertheless we expect reforms to auditing to take place, especially including non-audit services, reports on inspections of auditors, and more reporting on going concern issues by directors, followed by increased responsibility for auditors. In future there may be further changes including reform to the liability of auditors, reporting on internal control, more responsibility for fraud and changes to corporate governance.

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