Results of Covid -19 on small and medium practice auditing firms

Abstract

As a result and the influence of covid-19, many enterprises faced problems like they had never  before. For many small businesses, it is important to have a trusted consultant in the form of small and medium-sized audit firms, who we can ask  for help and advice during the current crisis. Although covid-19 has posed many challenges, it has also become a catalyst for both business and small and medium-sized firms, to undergo their digital transformation. Firms with small and medium practices should switch to automated auditing remotely, because it enables a more cost-effective, efficient and quality audit. They need to develop the ability to offer cloud-based consulting services. Experts adapt to the changing environment created in the field of business, properly change the processes of preparation and submission of financial statements, the information disclosed in the financial statements and re-evaluate the possibilities of maintaining the activities of enterprises in the near future.