{"id":1191,"date":"2020-07-23T19:43:07","date_gmt":"2020-07-23T17:43:07","guid":{"rendered":"https:\/\/eaa-online.org\/arc\/blog\/blog\/covid-19-impacts-european-audit-opinions-1\/"},"modified":"2020-07-23T19:43:07","modified_gmt":"2020-07-23T17:43:07","slug":"covid-19-impacts-european-audit-opinions-1","status":"publish","type":"post","link":"https:\/\/eaa-online.org\/arc\/blog\/2020\/07\/23\/covid-19-impacts-european-audit-opinions-1\/","title":{"rendered":"COVID-19 Impacts on European Audit Opinions"},"content":{"rendered":"<p class=\"has-text-align-center\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">This analysis was originally posted by <a href=\"https:\/\/www.auditanalytics.com\">Audit Analytics<\/a>.<\/p>\n<p class=\"has-text-align-center\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; text-align: center; color: rgb(55, 55, 55);\"><em style=\"border: 0px; font-family: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;\">This post will be updated to reflect the current number of filings citing the COVID-19 pandemic in a going concern opinion, key audit matter, or emphasis of matter.<\/em><\/p>\n<div aria-hidden=\"true\" class=\"wp-block-spacer\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; clear: both; color: rgb(55, 55, 55); height: 20px;\">\n\t&nbsp;<\/div>\n<h2 style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 0.8125em; outline: 0px; padding: 0px; vertical-align: baseline; clear: both; color: rgb(0, 0, 0);\">\n\tOverall Statistics<\/h2>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">As of the week ended 17 July 2020, Audit Analytics has observed the following trends in European audit opinions referencing COVID-19<span style=\"border: 0px; font-family: inherit; font-size: 10px; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; height: 0px; line-height: 1; position: relative; bottom: 1ex;\"><a href=\"https:\/\/blog.auditanalytics.com\/covid-19-impacts-on-european-audit-opinions\/#fn1\" id=\"ref1\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(67, 102, 113); text-decoration-line: none;\">1<\/a><\/span>:<\/p>\n<ul style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em 2.5em; outline: 0px; padding-right: 0px; padding-left: 0px; vertical-align: baseline; list-style: square; color: rgb(55, 55, 55);\">\n<li style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;\">\n\t\tGoing Concern Modifications: 126<\/li>\n<li style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;\">\n\t\tEmphasis of Matter: 215<\/li>\n<li style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;\">\n\t\tKey Audit Matters: 336<\/li>\n<\/ul>\n<div class=\"wp-block-image\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"display: table; clear: both; margin-left: auto; margin-right: auto;\">\n\t\t<img decoding=\"async\" loading=\"lazy\" class=\" size-full wp-image-1186\" alt=\"\" class=\"wp-image-32970\" height=\"389\" sizes=\"(max-width: 604px) 100vw, 604px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-Audit-Opinions-Referencing-COVID-19-Totals_Updated-for-7.23.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Totals_Updated-for-7.23.png 1677w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Totals_Updated-for-7.23-300x193.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Totals_Updated-for-7.23-1024x659.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Totals_Updated-for-7.23-768x495.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Totals_Updated-for-7.23-1536x989.png 1536w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Totals_Updated-for-7.23-466x300.png 466w\" style=\"max-width: 100%; height: auto; border: none; padding: 6px;\" width=\"604\" \/><\/figure>\n<\/div>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">Based on company headquarters, the United Kingdom has continued to see the most audit opinions referencing COVID-19, with 307 references to the pandemic in a going concern modification, a key audit matter (KAM), or an emphasis of matter paragraph. Poland comes in second, with 103 references in audit opinions concerning the coronavirus in those components of the audit opinion.<\/p>\n<div class=\"wp-block-image\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"display: table; clear: both; margin-left: auto; margin-right: auto;\">\n\t\t<img decoding=\"async\" loading=\"lazy\" class=\" size-full wp-image-1187\" alt=\"\" class=\"wp-image-32986\" height=\"392\" sizes=\"(max-width: 558px) 100vw, 558px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-Audit-Opinions-Referencing-COVID-19-Map_Updated-for-7.23-1.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Map_Updated-for-7.23-1.png 1800w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Map_Updated-for-7.23-1-300x211.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Map_Updated-for-7.23-1-1024x720.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Map_Updated-for-7.23-1-768x540.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Map_Updated-for-7.23-1-1536x1079.png 1536w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-Audit-Opinions-Referencing-COVID-19-Map_Updated-for-7.23-1-427x300.png 427w\" style=\"max-width: 100%; height: auto; border: none; padding: 6px;\" width=\"558\" \/><\/figure>\n<\/div>\n<h2 style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 0.8125em; outline: 0px; padding: 0px; vertical-align: baseline; clear: both; color: rgb(0, 0, 0);\">\n\tGoing Concern Audit Opinion<\/h2>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">A going concern modification is the expressed uncertainty that a company is able to continue in the near future. Generally speaking, this uncertainty relates to whether the company will exist for another 12 months. The specifics of the long-term and extensive impacts of the coronavirus are currently unknown, but it is known that COVID-19 has the potential to materially impact operations across a wide variety of companies.<\/p>\n<div class=\"wp-block-image\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"display: table; clear: both; margin-left: auto; margin-right: auto;\">\n\t\t<a href=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-Going-Concern-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-2.png\" rel=\"noopener noreferrer\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(67, 102, 113); text-decoration-line: none;\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" class=\" size-full wp-image-1188\" alt=\"\" class=\"wp-image-32978\" height=\"325\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-Going-Concern-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-2.png\" style=\"border: none; max-width: 100%; height: auto; padding: 6px;\" width=\"597\" \/><\/a><figcaption style=\"display: table-caption; margin-top: 0.5em; margin-bottom: 1.625em; color: rgb(102, 102, 102); font-size: 12px; font-family: Georgia, serif; caption-side: bottom; max-width: calc(100% - 18px); padding: 3px 0px 5px 40px; position: relative;\"><em style=\"border: 0px; font-family: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;\">click to expand<\/em><\/figcaption><\/figure>\n<\/div>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">As of the week ended 17 July 2020, non-Big Four auditors have signed the majority of going concern audit opinions for European filers referencing COVID-19. The vast majority (70.1%) of companies receiving going concern audit opinions are small- cap companies, with a market capitalization under &euro;100 million; less than 5 going concern audit opinions have been issued to large- cap companies, suggesting that smaller companies are continuing to be significantly impacted by the uncertainties surrounding the COVID-19 pandemic. Of companies that have received a going concern audit opinion related to coronavirus, nearly 51% are in the Services or Manufacturing industry.<\/p>\n<h2 style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 0.8125em; outline: 0px; padding: 0px; vertical-align: baseline; clear: both; color: rgb(0, 0, 0);\">\n\tKey Audit Matters (KAMs)<\/h2>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">KAMs are intended to increase the usefulness and information provided in the auditor&rsquo;s opinion. The disclosures made by the auditor are supposed to describe an area of significant audit risk, a summary of the auditor&rsquo;s procedures to test the audit area, and any key observations of the auditor with respect to that risk (where appropriate). Considering the uncertainties regarding future impacts of the coronavirus pandemic, auditors may address the risk of that uncertainty in a KAM.<\/p>\n<div class=\"wp-block-image\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"display: table; clear: both; margin-left: auto; margin-right: auto;\">\n\t\t<a href=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23.png\" rel=\"noopener noreferrer\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(67, 102, 113); text-decoration-line: none;\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" class=\" size-full wp-image-1189\" alt=\"\" class=\"wp-image-32974\" height=\"325\" sizes=\"(max-width: 597px) 100vw, 597px\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23.png\" srcset=\"https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23.png 2460w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-300x164.png 300w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-1024x559.png 1024w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-768x419.png 768w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-1536x838.png 1536w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-2048x1117.png 2048w, https:\/\/blog.auditanalytics.com\/wp-content\/uploads\/2020\/07\/Europe-KAMs-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23-500x273.png 500w\" style=\"border: none; max-width: 100%; height: auto; padding: 6px;\" width=\"597\" \/><\/a><figcaption style=\"display: table-caption; margin-top: 0.5em; margin-bottom: 1.625em; color: rgb(102, 102, 102); font-size: 12px; font-family: Georgia, serif; caption-side: bottom; max-width: calc(100% - 18px); padding: 3px 0px 5px 40px; position: relative;\"><em style=\"border: 0px; font-family: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;\">click to expand<\/em><\/figcaption><\/figure>\n<\/div>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">As of the week ended 17 July 2020, PwC has identified the most KAMs related to COVID-19 in audit opinions for European filers. The majority (53%) of companies receiving KAMs related to the coronavirus have been small- cap companies with a market capitalization under &euro;100 million. Since the beginning of June, there has been an increase in the number of COVID-19 related KAMs found in audit opinions for large- cap filers with a market capitalization over &euro;1,000 million. Nearly 30% of companies that have received a KAM related to the pandemic to this point have been in the Finance, Insurance, and Real Estate industry, while 43% have been in either the Manufacturing or Services sector.<\/p>\n<h2 style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 0.8125em; outline: 0px; padding: 0px; vertical-align: baseline; clear: both; color: rgb(0, 0, 0);\">\n\tEmphasis of Matter<\/h2>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">An emphasis of matter paragraph is a component of the auditor&rsquo;s report on financial statements that addresses matters that the auditor considers is fundamental to the overall understanding of financial statements. Given the widespread effects of coronavirus on companies and their financials, it is not surprising to see the COVID-19 pandemic mentioned as an emphasis of matter in financial statements.<\/p>\n<div class=\"wp-block-image\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">\n<figure class=\"aligncenter size-full is-resized\" style=\"display: table; clear: both; margin-left: auto; margin-right: auto;\">\n\t\t<a href=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-EoM-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23.png\" rel=\"noopener noreferrer\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(67, 102, 113); text-decoration-line: none;\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" class=\" size-full wp-image-1190\" alt=\"\" class=\"wp-image-32975\" height=\"325\" src=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/https__blog.auditanalytics.com_wp-content_uploads_2020_07_Europe-EoM-in-Audit-Opinions-Referencing-COVID-19_Updated-for-7.23.png\" style=\"border: none; max-width: 100%; height: auto; padding: 6px;\" width=\"597\" \/><\/a><figcaption style=\"display: table-caption; margin-top: 0.5em; margin-bottom: 1.625em; color: rgb(102, 102, 102); font-size: 12px; font-family: Georgia, serif; caption-side: bottom; max-width: calc(100% - 18px); padding: 3px 0px 5px 40px; position: relative;\"><em style=\"border: 0px; font-family: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;\">click to expand<\/em><\/figcaption><\/figure>\n<\/div>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\">As of the week ended 17 July 2020, of the Big Four firms, PwC and EY have each signed more than 10 audit opinions that reference COVID-19 in an emphasis of matter paragraph for European filers; non-Big Four auditors have signed over 150 opinions containing an emphasis of matter related to the pandemic. Roughly 75% of the companies with an emphasis of matter paragraph referencing the pandemic are small- cap companies, with a market capitalization under &euro;100 million. Nearly 30% of companies to have an audit opinion referencing the coronavirus are in the Manufacturing industry, while 45% are in the Services or Finance, Insurance, and Real Estate sectors.<\/p>\n<hr class=\"wp-block-separator\" style=\"background-color: rgb(204, 204, 204); border: 0px; height: 1px; margin-bottom: 1.625em; margin-left: auto; margin-right: auto; max-width: 100px; color: rgb(55, 55, 55); font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px;\" \/>\n<p class=\"has-text-align-center\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; text-align: center; color: rgb(55, 55, 55);\"><span class=\"has-inline-color\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(0, 113, 161);\">For more information on this analysis, or to request a demo of our Europe databases, please&nbsp;<\/span><a href=\"https:\/\/www.auditanalytics.com\/contact?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=2020.07.23_blog\" rel=\"noreferrer noopener\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(67, 102, 113); text-decoration-line: none;\" target=\"_blank\"><span class=\"has-inline-color\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(255, 145, 55);\">contact us<\/span><\/a>.<\/p>\n<p class=\"has-text-align-center has-small-font-size\" style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 13px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; text-align: center; color: rgb(55, 55, 55);\"><span class=\"has-inline-color\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(255, 145, 55);\">Interested in our content? Be sure to&nbsp;<\/span><a href=\"https:\/\/www.auditanalytics.com\/contact?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=2020.07.21_blog#newsletter\" rel=\"noreferrer noopener\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(67, 102, 113); text-decoration-line: none;\" target=\"_blank\"><span class=\"has-inline-color\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(0, 113, 161);\">subscribe<\/span><\/a><span class=\"has-inline-color\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(255, 145, 55);\">&nbsp;to receive our email notifications.<\/span><\/p>\n<p style=\"border: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 15px; margin: 0px 0px 1.625em; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(55, 55, 55);\"><span id=\"fn1\" style=\"border: 0px; font-family: inherit; font-size: 10px; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; height: 0px; line-height: 1; position: relative; bottom: 1ex;\">1.This analysis is based on audit opinions collected by Audit Analytics. Weekly totals reflect the total number of filings per week and may change over time as filings are added to the database. Firms without an available market cap are excluded from the market cap analyses in the tables, but are included in the weekly totals. For dual signed audit opinions, both auditors are included in the auditor analyses in the table and are included in the cumulative count by auditor, but the opinion is counted once in the weekly totals.&nbsp;<a href=\"https:\/\/blog.auditanalytics.com\/covid-19-impacts-on-european-audit-opinions\/#ref1\" style=\"border: 0px; font-family: inherit; font-style: inherit; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; color: rgb(67, 102, 113); text-decoration-line: none;\"><img decoding=\"async\" alt=\"\u21a9\" class=\"emoji\" draggable=\"false\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/12.0.0-1\/svg\/21a9.svg\" style=\"border: none !important; margin: 0px 0.07em !important; max-width: 100%; display: inline !important; box-shadow: none !important; height: 1em !important; width: 1em !important; vertical-align: -0.1em !important; background: none !important; padding: 0px !important;\" \/><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This analysis was originally posted by Audit Analytics. This post will be updated to reflect the current number of filings citing the COVID-19 pandemic in a going concern opinion, key audit matter, or emphasis of matter. &nbsp; Overall Statistics As of the week ended 17 July 2020, Audit Analytics has observed the following trends in [&hellip;]<\/p>\n","protected":false},"author":93,"featured_media":1192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0},"categories":[1],"tags":[2],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COVID-19 Impacts on European Audit Opinions - ARC<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19 Impacts on European Audit Opinions - ARC\" \/>\n<meta property=\"og:description\" content=\"This analysis was originally posted by Audit Analytics. This post will be updated to reflect the current number of filings citing the COVID-19 pandemic in a going concern opinion, key audit matter, or emphasis of matter. &nbsp; Overall Statistics As of the week ended 17 July 2020, Audit Analytics has observed the following trends in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eaa-online.org\/arc\/blog\/2020\/07\/23\/covid-19-impacts-european-audit-opinions-1\/\" \/>\n<meta property=\"og:site_name\" content=\"ARC\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-23T17:43:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/eaa-online.org\/app\/uploads\/sites\/3\/2020\/07\/eaa_0.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jessica McKeon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jessica McKeon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/eaa-online.org\/arc\/blog\/2020\/07\/23\/covid-19-impacts-european-audit-opinions-1\/\",\"url\":\"https:\/\/eaa-online.org\/arc\/blog\/2020\/07\/23\/covid-19-impacts-european-audit-opinions-1\/\",\"name\":\"COVID-19 Impacts on European Audit Opinions - ARC\",\"isPartOf\":{\"@id\":\"https:\/\/eaa-online.org\/arc\/#website\"},\"datePublished\":\"2020-07-23T17:43:07+00:00\",\"dateModified\":\"2020-07-23T17:43:07+00:00\",\"author\":{\"@id\":\"https:\/\/eaa-online.org\/arc\/#\/schema\/person\/f61376a765d3f4be1057fe22deda2b4f\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/eaa-online.org\/arc\/blog\/2020\/07\/23\/covid-19-impacts-european-audit-opinions-1\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/eaa-online.org\/arc\/#website\",\"url\":\"https:\/\/eaa-online.org\/arc\/\",\"name\":\"ARC\",\"description\":\"Advanced Resources Center\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/eaa-online.org\/arc\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/eaa-online.org\/arc\/#\/schema\/person\/f61376a765d3f4be1057fe22deda2b4f\",\"name\":\"Jessica McKeon\",\"url\":\"https:\/\/eaa-online.org\/arc\/blog\/members\/93\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"COVID-19 Impacts on European Audit Opinions - ARC","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"COVID-19 Impacts on European Audit Opinions - ARC","og_description":"This analysis was originally posted by Audit Analytics. 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