How are all the large firms handling physical inventory observations for public engagements?

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Back in April I had my team do them via video chat either on teams or FaceTime. Took getting the client on board and making sure the connection and signals were good but ultimately worked well on count day

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Did a virtual one with client, had to follow some memo and documentation was beefed up.

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Ours are on a strictly voluntary basis with 0 additional incentive to do them. Which means staffing is having a hell of a time rn

lol I’m not getting a choice 🙃

All 15 will be virtually completed by me and my A2 🙃

I’ve done two so far completely virtual. It is nice to be in pjs but took us at least 3 additional hours due to slow internet/ them having to print out count sheets and scan them over to me in order to select more items to count. These were overnight too so if I had to do them again I’d prefer an in person count unless the count was during the day then I don’t mind virtual.

Thanks for the responses, guys. Are there any incremental guidance considerations I need to take into mind if we go remote route? I think the partner is leaning towards going, but a lot of the locations are in COVID hotspots down south.

Is this a public company? If so, have a look through the audit evidence standard (AS 1105) and make sure you document your considerations about how the persuasiveness of the evidence was sufficient.

To add, if I want to stake the position that we should do remotely, I’d like to have all my little guidance duckies in a row.

Thanks EY1. I’m at a smaller firm- we don’t have the supplemental guidance like at Big 4.

Part of me misses that, but the greater part likes leaving work at 6:30 every day during busy season.

The partners will actually do PIOs just like associates. At first, I was like “WTF!?!?” but now I find it quite refreshing to know the partners aren’t afraid to roll up their sleeves and get it done for the greater good and to get the audit done.

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