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How did COVID-19 influence audit reporting in 2020?

Analysis of 2020 NZX reporters’ audit reports

In our earlier reports we investigated the likely impact of the pandemic on audit reports followed by analysis of the actual effect on March to May, June and September to December NZX50 reporters. This research revealed the consequences for financial reporting were modest with most companies addressing the challenges and making the appropriate adaptations.

As New Zealand finds itself in another lockdown, our latest report analyses the impact of COVID-19 on audit reports across the NZX throughout 2020. How did auditors respond to the challenges and how did they communicate their findings?

If you have any questions or would like to know more, please get in touch.

"This report further highlights the importance of existing and prospective investors engaging with audit reports – and in particular the qualitative reporting by auditors in the Key Audit Matters section – to better understand the context and drivers of matters that are impacting issuers’ corporate performance and financial health."

Joost van Amelsfort Chief Executive, NZ RegCo

"This is a very useful and relevant analysis because it explains current issues about audit reports clearly. It provides financial report users with background material to help them understand and compare audit reports with others issued during the pandemic. It was useful to know that the outcome for companies outside the top 50 was similar to that for larger companies."

David Hay Professor of Auditing, University of Auckland

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Karen Shires

Karen Shires

Chief Risk & Reputation Officer, PwC New Zealand

Tel: +64 21 501 043

Jeanilyn Bellosillo

Jeanilyn Bellosillo

Director, PwC New Zealand

Tel: +64 21 260 0835

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