Professional skepticism in the new normal

NO business has gone undisrupted since the outbreak of the coronavirus disease 2019 (Covid-19) pandemic early last year. Unfortunately, some have closed shop, unable to cope with the considerable challenges of the "new normal." Some have thankfully been able to adapt but are having to deal with the pressure Covid-19 has placed on their financial performance.

As this pressure grows, so does the risk of fraudulent activities. The persistent uncertainty surrounding our country's economy and business environment, in particular, may prompt some to resort to drastic measures just to stay afloat. For auditors, the challenge now is to execute their audits with the appropriate mindset of maintaining a high level of professional skepticism, even as audits themselves shift to the virtual world.