Article2021

Auditing in the time of COVID – the impact of COVID-19 on auditing in New Zealand and subsequent reforms

68 citations0/0 files storedPacific Accounting Review

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Auditing, Earnings Management, Governance Accounting and Financial Management Corporate Governance and Financial Management

Abstract

Purpose This special issue paper aims to describe the early effects of COVID-19 on auditing in New Zealand, and the subsequent reforms that the authors expect will follow. Design/methodology/approach The authors use published sources to discuss the impact of COVID-19 on auditing, and potential reforms. Findings COVID-19 was at first expected to have a substantial impact on audit outcomes such as audit opinions. The effects that eventuated have been much less substantial so far. Nevertheless, the authors expect reforms to auditing to take place, especially including non-audit services, reports on inspections of auditors and more reporting on going concern issues by directors, followed by increased responsibility for auditors. In future, there may be further changes including reform to the liability of auditors, reporting on internal control, more responsibility for fraud and changes to corporate governance. Research limitations/implications Limitations include the ongoing nature of the COVID-19 crisis. Further effects may yet eventuate. Practical implications Financial report users and auditors should anticipate changes. Originality/value This paper provides early evidence of the impact of COVID-19 on New Zealand auditing and predicts changes to the regulation of auditing.

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References

2011Responses by Australian auditors to the global financial crisis 2013The Global Financial Crisis: U.S. Bankruptcies and Going-Concern Audit Opinions 2014Is there a relation between audit fee cuts during the global financial crisis and banks’ financial reporting quality?2019Audit fees, perceived audit risk, and the financial crisis of 2008 2016The Relation between Audit Fee Cuts during the Global Financial Crisis and Earnings Quality and Audit Quality

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