With the economy in distress due to the COVID-19 pandemic and global instability, one of the most challenging tasks for Auditors in financial reporting is the Audit Completion Process which includes the Evaluation of Final Misstatements, Evaluation of Subsequent Events and the Use of Going Concern Assumption, Management ‘s integrity and their representations, and the impact on the Audit Conclusion.
The objectives of the auditor are to obtain sufficient appropriate audit evidence to conclude that the Financial Statements are free from Material Misstatements whether due to fraud or error. The auditors will therefore have to made an Evaluations of Misstatements Identified during the audit and form a conclusion as to whether the Financial statements are free from Material Misstatements.