Antonis Diolas, ACCA's head of audit and assurance, says: 'Audit hasn't stopped because of Covid-19 - auditors are still providing their services. But we need to focus on what the practical challenges are, and what needs to be considered when dealing with them. Diolas acknowledges that the auditing profession has already travelled some way down the road to embracing digitally transformative processes ahead of the Covid-19 crisis. As a result, auditors around the world have been able to adapt their processes effectively when face-to- face meetings and audit inspections are ruled out under various lockdown requirements. "A non-face-to-face environment showcases that audit can be carried out if both sides are working towards the same goal, Diolas says. It has been suggested that eight major areas where auditors need to consider, or reconsider, how their work has been or will be affected by the pandemic. The areas are: identifying and assessing risks of material misstatement auditor's response to assessed risks audit evidence auditing accounting estimates subsequent events going concern modifications to the audit report opinion Emphases of matter in the audit report. Extracted from: Philip Smith's (journalist) article Required: Among the key 8 issues listed above, discuss the issues of "Going concer", and "accounting estimates on how external auditors in the course of financial statements to respond to the Covid-19 crisis (ii) In relation to the accounting estimates" you are required to discuss the following specific matters in the context of ISA 540 . Impairment of assets Return provisions for merchandise sales Onerous contracts (12 marks) (Provide the relevant accounting standard (MFRS) to support your discussion) (Summary of ISA 540- 3marks, discussion of each of the above specific matters, 3 marks each, 3 x 3 marks=9 marks, Total 12 marks)