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[ ]published or in-house checklists that were intended for use in internal quality control inspections conducted in 2019 are obsolete in these respects, and will most likely be updated or supplemented as necessary to cover these areas, and will apply to the next peer review even if it will not be conducted until after 2020 Planning and Conducting a Remote Audit away from the Client\'s Premises * Appropriate supervision of staff auditors working at home * The authenticity and reliability of copies or scans obtained of selected client records, related fraud risk, and the degree of professional skepticism exercised * The reliability of any alternative procedures employed when preferred audit evidence (such as direct confirmation) is not readily available due to business closures or staff reductions * The inability to observe the timely taking of physical inventories and directly observe slow-moving or obsolete items * The inability to observe (or test) key internal controls functioning in real time or the client\'s failure to maintain such controls and failure to adjust the audit scope appropriately for all or part of audit period as a result of reductions in effectiveness or other changes in the client\'s internal controls policies and procedures, such as staff reductions or reassignments of tasks, and the consequential inability to continue effective segregation of duties, management oversight, or other monitoring controls Disclosure, and Other COVID-19-related Issues * Whether there was adequate disclosure of pandemic-related risks and uncertainties, including increased vulnerability to concentrations (e g , reduced volume of business conducted with a particular customer or group of customers, or an interruption in the supply chain) or increased exposure to shortterm changes in estimates * Whether there was documented evidence of adequate consideration of conditions requiring adoption of liquidation basis reporting (ASC 205-30) apply, or uncertainties about the entity\'s ability to continue as a going concern (ASC 205-40) * Whether there was documented evidence of adequate consideration of the effects of COVID-19-related post-balance-sheet developments on recorded estimates * Whether there was documented evidence of use of an appropriate level of professional skepticism in considering the need for asset impairment adjustments, and whether they were made in the proper period * Whether there was documented evidence of consideration of the adequacy of provisions made in the appropriate period for the effects of loss contingencies arising from the pandemic (ASC 450) * Whether there was documented evidence of whether coverage was verified and determined to be recoverable for any material accrual of business interruption insurance proceeds that was made or proposed by the client * Whether there was documented evidence of an adequate search for significant subsequent events made by the client (up to the reporting date) and whether any significant COVID19-related findings were appropriately disclosed or recognized in the proper period * Whether there was documented evidence of adequate consideration of the relative precision and reliability of expectations used for substantive analytical procedures in light of COVID-19-related uncertainties * Whether there was documented evidence of adequate consideration of the effect of late reporting and other COVID19-related matters on compliance with loan covenants * Whether there was documented evidence of adequate consideration of the effects of any COVID-19-related lease or other contract modifications * Whether there was documented evidence of adequate consideration of the effects of the Coronavirus Aid, Relief, and Security (CARES) Act and other COVID-19-related tax guidance on the recorded income tax provision, payroll tax credits, and related disclosures;accounting and disclosures related to forgivable SBA loans and related tests of eligibility and penalties for noncompliance * Whether there was documented evidence of adequate consideration of increased fraud risk resulting from any identifiable management incentive to over- or understate the effects of COVID-19-related matters on reported financial condition or operating performance
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