TOPIC BACKGROUND

First reported to the World Health Organisation as an unknown virus in late December 2019, coronavirus/COVID19 developments throughout 2020 are causing great uncertainty for the global economy.

This uncertainty is creating risks that audit clients may not have encountered before.

It also gives rise to new and rapidly changing conditions that auditors may not have previously encountered.

REQUIRED

Travel restrictions (5 marks)

1. What impediments do travel restrictions present to auditors when auditing the clients financial report (i.e. accounts)? (200 300 words);