Current Issues 20 Question 3 Marks Part one: COVID-19 The rapidly evolving COVID-19 situation is having a significant impact on FMC reporting entities' financial reporting obligations and the ability to perform audits" (Financial Market Authority). Required: a) Describe challenges faced by audit professionals due to COVID -19. (4 marks) b) What modifications need to be done to above audit approaches to reduce the impact of COVID-19? (8 marks) Provide your answer for question a and b in the below table. a. Describe challenges faced by audit b. What modifications need to be done professionals due to COVID -19. to above audit approaches to reduce the impact of COVID-19? Part two: Blockchain Technology "Blockchain is a game-changer for audit processes" (Deloitte, 2017). c) Describe the opportunities and challenges that blockchain technology will bring to the audit process. (8 marks) Opportunities: Challenges