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.
Keywords
References
Rusiashvili G. Gegeshidze L. Gaganidze L. Audit Quality (2019) The manual has been prepared by the National Fund for Accounting, Reporting and Auditing Support. PP-5-19,
Covid-19 - The path of small and medium-sized firms to recovery. ACCA Global Covid-19 Survey Report, Part 2, www.reportal.ge May 2020.
Use of specialists in the Covid-19 environment, including issues related to the involvement of specialists in the audit of financial statements. Research report www.reportal.ge October 2020.
In the context of the covid-19 pandemic, small and medium-sized audit firms are changing the way they operate. Research report . www.reportal.ge May 2020
Extraordinary Practice Guide May 2020 Compilation of an Auditor's Report in the Current Changing Environment Created by the Covid-19 Impact. www.reportal.ge May 2020
The Small Business Continuity Checklist – How to Survive and Thrive Post Covid-19. International Federation of Accountants (IFAC). www.saras.gov.ge November 2020.
Going Concern in the Current Evolving Environment―Audit Considerations for the Impact of covid-19. International Federation of Accountants (IFAC). www.saras.gov.ge march 2020.
Highlighting Areas of Focus in an Evolving Audit Environment Due to the Impact of covid-19. International Federation of Accountants (IFAC). www.saras.gov.ge march 2020
(ACCA) Survey - covid-19, Global Survey: Inside Business - Impacts and Reactions Survey of Auditors and Audit Firms on the Impact of a New Coronavirus Pandemic on the Georgian Audit Services Market. The European Union for Ceorgia, World Bank Group. www.reportal.ge November 2020.
![Creative Commons License](http://i.creativecommons.org/l/by/3.0/80x15.png)
This work is licensed under a Creative Commons Attribution 3.0 License.