ABSTRACT

In addition to being a significant business interrupter for many entities, the impact of the COVID-19 pandemic has created significant financial reporting implications for many companies around the globe. This paper is conceptual in nature and seeks to gain a better understanding of the effectiveness of audit committee in enhancing external audit quality to meeting stakeholders need, especially during the period of COVID-19 pandemic and provides key areas for audit committees oversight duties during challenging time caused by the pandemic. The last decade has been rich in academic insights on how audit committee can enhance the effectiveness of external audit in meeting stakeholders needs. Our paper offers a review of the related literature on this topic and discusses the main attributes that would be needed in enhancing the role of audit committee during challenging times caused by external factors such as the COVID-19 pandemic. This review is organized around three major issues, identified in relation to COVID-19 effects on corporate reporting, audit committees and stakeholders needs in the time of pandemic and the role of audit committees in enhancing external audit at the time of COVID-19 pandemic. This paper has implication for company’s audit committee, board of directors, accounting firms and academician on how audit committee roles can enhance external audit during COVID-19 pandemic to meet stakeholders’ needs.

 Keywords: Audit committee; COVID-19; External audit; Stakeholders need