QUESTION The consequences of the Covid-19 pandemic on financial statement reporting and audit engagements are complex and have resulted in challenges for management, those charged with governance (TCWG) and auditors. There is an unprecedented level of uncertainty about the economy, future earnings and many other inputs that represent fundamental elements of financial reporting (IFAC, 2020).

Required:

(a) Explain any FIVE (5) impacts Covid-19 on audit quality. (30 marks)

(b) Discuss any THREE (3) areas to be focused on while performing the audit procedures remotely. (30 marks)

(c) Discuss any FIVE (5) key COVID-19 audit risks. (40 marks)