As a senior auditor at CPA LLP, you are beginning your first audit of Burnaby Ltd. for the fiscal year ended December 31, 2021. The engagement team consists of you, the engagement partner, and three junior auditors. Burnaby Ltd. is a retail firm that is publicly listed in the TSX (Toronto Stock Exchange). The company was previously audited by another public accounting firm. During the audit, the following scenarios are encountered. Please respond to the scenario below and summarize your response in a report.

In January 2022, the CEO suffered a serious illness and was hospitalized for three weeks. The CEO is the founder of this company and also serves as chair of the board of directors. As an interim measure, the company's CFO was appointed as acting CEO. The CFO is not a shareholder and is not related to the CEO or his family members. Several emergency meetings were held among the company's board of directors during January 2022 and the discussions were documented in the minutes of the directors' meeting. Please assess how this event would impact the audit and the audit report.