Abstract
The new Corona-virus and the contagious disease which it causes, the so called COVID 19, put forward the serious challenges for many countries all over the world and for Georgia among them. Almost the whole world is facing very serious obstacles on the international and national levels. Too many problems emerged in the world countries. To resist against the new disease has become the main priority for each country.
The global processes caused by the pandemics have influenced the audit service as well. The uncertainty and unpredictability caused the new risks of deficiencies and activated already existed ones in the new environment. The situation became more complicated due to the fact that it can happen that the auditors do not consider the mentioned risks in the process of planning for audits or the risks may be considered mistakenly.
The firms and other economical institutions in which the audit is carried out are obliged to adopt the new rules and changing environments in which their businesses function; they should change the rules of fulfilling the operation, preparing the financial accounts, the processes of their representing the information processes, safety of information shown in the financial accounts, the rules of their preparing; they also evaluate the possibilities of keeping on their activities in the nearest future.
The qualified performing of the audit implies the basical elemenst which helps to create such environment where the possibility of the high level audit will be at the maximum.
Implementing the quality control implies that such system will include two stages; each of them is directed towards providing the audit processes according the international standards
There are several types of the quality improvement system. In all of them the main variable value represents the amount of costs for the proper system. All countries choose the system which provides benefits taking the costs into consideration.
There are four main stages in the process of implementation the system which will ensure the high quality audit. Here are four main stages shown in the process of implementation:
The first stage: to carry out diagnostic observation;
The second stage: stating the view;
The third sage: working out the system;
The fourth stage: implementation of the system.
The firms and other economical institutions where the audit is carried out are obliged to be reliable with their activities in the changing situation in which their businesses function. The subjects change the rules of carrying out the usual operations, change the open information given in the financial accounts, and estimate the possibilities of maintaining the existing possibilities for the nearest future.
It is important to revise some standards out of Audit International Standards and to make them fit for revealing and assessing the risks of essential mistakes and discrepencies. The controlled variation of the standard regulates such issues as the newly corrected risks caused by influences of COVID-19 pandemic on the planned approaches to the audit and also, evaluation of the risks already defined and making changes in them taking into consideration the influence of the errors in the risk evaluations and influence made upon the planned evaluations and audits the changes of which will influence the evaluations of the risks in the inner control of the subject on the previously made imagination of the control environment, in order to define the measures to be taken in order to change the reactions to the mistakes using different measures in order to reach the trustful mechanisms to rely on.
International standards of audit– answering to the assessed risks, the checked variation of the standard implies that it maybecome necessary to change the measures of reaction to the changes in the circumstances in order to obtain enough reliable measures and activities to control the situation by means of enough auditory evidences. The auditor has responsibilities to take into consideration that largening the deadlines will cause growth of the period and the risks of the dates of events which will happen in the time interval between accountability date and the date of the conclusion made by audit, the audit is also responsible for any event taking place later in relation to the Covid-19 situation. He is responsible also for evaluation of the fact about financial information.
The enterprise functioning within nowadays complex environment taking into consideration the situation of COVID 19, should consider such priority issues as the uncertainty accompanying the Covid situation, related covenants, and others which accompany the pandemic period, among them the region, the financial state of customers and dealers, liquidating and paying capacity.
During the process of the risk assessments it should considered that Covid 19 pandemic greatly influenced the global economics and the separate branches such as hotels business, retail sail, tourism and others.
As a result of pandemic, it is possible that the number of audit considerations and thee circumstances can modify them which can be conditioned by different circumstances and the audit will state if there are incorrectable improper conditioned due to the circumstances. The audit will make it certain there are unimprovable mistakes which apart and together are essential for the financial accountability and the auditor will conclude that they cannot acquire the proper conditioned which apart or together could be essential financial accounts or the audit will conclude that they are not able to the essential accountability. Important researches were led to assess the appeared situation and it was concluded that the COVID 19 pandemic had influenced the financial situation which showed that the specific actions and procedures became complicated.