Assessing audit risks during the pandemic

Auditors' assessments and responses to risks of financial statement misstatement and fraud are critical to audit quality. Risk assessments in the current environment are unlike any others, as clients are dealing with significant changes to their businesses, the work environment, and the economy overall as a result of COVID-19. Despite the added complexities, auditors must continue to focus on high-quality audits that fully comply with standards for objectivity and professional skepticism.

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