The staff of the American Institute of CPAs, the International Ethics Standards Board for Accountants and the International Auditing and Assurance Standards Board have jointly released guidance on the use of specialists in COVID-19 environment, including some considerations involving the use of specialists when auditing financial statements during the pandemic.
The staff guidance, released Tuesday, aims to help accountants and auditors determine when there might be a need to use the services of a specialist to help them perform specific tasks and other professional activities within their own organizations, as well as when they serve their clients during the COVID-19 pandemic. The publication discusses some of the ethical considerations for accountants to think about when using a specialist, along with some of the circumstances that indicate a need for a specialist when auditing financial statements.
The novel coronavirus pandemic has forced many accountants and auditors to work remotely, as well as curtailed travel to client locations, particularly those located abroad, when travel restrictions remain in place in many countries.
Ted O'Connor is senior vice president of Arcesium.
Zoe Sagalow covers tax and retirement issues for Financial Planning, bringing a decade of experience in financial policy and regulatory reporting to coverage that keeps advisors current on the rules shaping client strategy.
Before joining Financial Planning, Zoe's policy reporting spanned banking at S&P Global Market Intelligence, insurance at CQ Roll Call, and tax at Tax Notes Today. In 2025, she and her team at S&P Global won a Regional Bronze Award from the American Society of Business Publication Editors for Online Industry News Coverage.
As a Capital News Service reporter, Zoe was part of a team investigating nursing home discharge practices in Maryland; their series, "Discharging Trouble," was an IRE Award finalist and won two first-place MDDC Press Association awards. The investigation prompted a lawsuit from the Maryland Attorney General against the nursing home operator that ultimately led to a $2.2 million settlement and barred the company from operating nursing facilities in the state.
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The guidance points out that the pandemic could also pose threats to ethical standards, and accountants may find it challenging with the changing laws and regulations pertaining to COVID-19. They may come under pressure to breach the principles of professional competence, due care and professional behavior. “Those who perform audits of financial statements may face additional challenges as well, including considerations related to auditor independence,” said the document. During the pandemic, accountants also might not have access to the usual resources they have at their offices to ensure competent performance, and they may need to turn to outside specialists to help them perform certain tasks or undertake some engagements.
The publication was developed by the staff of the AICPA under the auspices of a working group formed by the IESBA and national ethics standard setters from Australia, Canada, China, South Africa, the U.K. and the U.S. The working group was chaired by IESBA deputy chair Richard Fleck with the goal of developing implementation support resources to help accountants effectively apply the International Code of Ethics for Professional Accountants (including International Independence Standards) when facing circumstances created by the COVID-19 pandemic. IESBA and IAASB staff also provided their input. The working group plans to develop more COVID-19 guidance in the weeks ahead.
