An unanticipated, globally disruptive event like the COVID-19 pandemic could cause a significant blow to the global economy. Take this pandemic as an example, numerous countries had implemented city lockdowns, travel bans and mandatory quarantine measures. Businesses worldwide had experienced losses in revenue, disruptions in supply chains and more seriously going concern issues. As such, entities and their auditors need to consider the impact of such an event when it came to financial statements and audit reports.

Such an event, like the pandemic, could result in multiple updates on various accounting and auditing standards. At the same time, audit firms might implement new internal guidelines to its staff members in response to that so as to so as to obtain reasonable assurance despite enhanced audit risks.

This case highlights how an unanticipated, globally disruptive event like the pandemic could impact various components of audit cycle both permanently and temporarily, including client acceptance, audit planning, performing substantive procedures, and audit reporting. Proforma changes in working style in professional audit firms as a consequence of such an event are also discussed.