Auditors Grapple with Distancing Challenges; Tools for Audit Committees
Independent auditors are struggling to conduct corporate audits remotely, potentially hampering their assessments of public companies, said the Wall Street Journal. Social distancing mandates have stopped on-site visits to count inventory and review internal controls. These challenges are likely to be magnified in upcoming weeks as firms attempt to value assets amid market volatility and public companies prepare financial statements for the quarter ending March 31. Regulatory relief will help firms with their filing deadlines, however the challenges for auditors will persist as remote work continues to be a requirement, the WSJ reported. A recent webinar archived by Ernst & Young’s Board Matters discussed how audit committees can navigate these uncertain times. Speakers covered accounting disclosures, financial reporting and audit committee effectiveness among other topics. The webinar took place on April 3, 2020 but can be accessed on EY’s website here.