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ACC311 Fundamentals of Auditing GDB Spring 2020 Solution & Discussion


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ACC311_GDB_Solution_Spring_2020

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ACC311_GDB_Solution_Spring_2020

ACC311 GDB 1 IDEA SOL Spring 2020
GDB SOLUTION
Five challenges face by auditors due to covid-19 pandemic
Performing physical inventory observation
Unlike the normal routine it is hard to visit stores or warehouse to carry out the
Physical count of the inventory for auditing purpose due to shut down or closed of
business activities.
Accessing Client records
As offices are closed, it is difficult for auditors to have complete access over clients
records to create a fair opinion. If some documents or record available in the form of
photo copies or scanned, it raises the question of authenticity.
Understanding and testing internal control
As auditors are unable to perform on-site audits because the sites are closed due to the
covid-19 pandemic. This put the question mark on the reliability of control, and called
for more substantive testing.
Confirming Account
External account confirmation is an important part of the audit process where all the
external parties send accounts confirmation directly to the auditors, but again same
problem or challenge auditors face as offices closed or key-staff are not available on site.
Forecasting related to going concern
The concept of going concern for any organization depends upon many factors such as
industry. Geographical location, the financial health of supplies and customers and many
others as well. The covid-19 also has severe impact on these factors and as a result it
destroying business operation on one side while financial health on the other side that
create a hurdle for auditors make assessment of going concern.

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