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.
Mike DePrisco is president and CEO of the Institute of Management Accountants. Since joining the IMA in April 2023, DePrisco has led the development and implementation of a new vision and strategy designed to broaden the organization's relevance and reach, enhance member experiences, and strengthen IMA's role as a catalyst for professional growth and leadership. Prior to the IMA, DePrisco spent a decade at the Project Management Institute where he served as chief operating officer and interim president and CEO. DePrisco serves on the AAA Foundation Board and is co-chair of the Future Accountant Stakeholder Organization. He is also a member of the CEO Update executive roundtable program, advocating for the future of accounting and management professions. His leadership has been recognized through inclusion on Accounting Today's Top 100 Most Influential People in Accounting and NJBIZ's Power 50 in Accounting lists.
Emily McGinn is the general manager of the MGA business unit at Vertafore. McGinn is a seasoned business and technology leader and has driven growth and transformation across finance, operations and digital initiatives. Previously, McGinn held senior roles at Windstream, Lumen Technologies and Zayo Group, where she led large teams, improved efficiency and fostered innovation.
Natasha Holiday is Managing Director, Co-Head of Infrastructure East, RBC Capital Markets, where she structures debt and sells bonds in the public markets to raise capital on behalf of large city and state governments to fund public infrastructure. She served as MSRB Board Chair for the 2026 fiscal year.
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.
