In the US, the Public Companies Accounting Oversight Board (PCAOB) has announced a 45-day moratorium for audit firm inspections, which will last until 11 May .

However, the US regulator said inspections staff would continue their work by reviewing documentation for certain engagements remotely and preparing for inspections.

In the UK, the audit regulator is keeping the situation under constant review.

A spokesperson at the Financial Reporting Council (FRC) told Accountancy Daily: ‘We are monitoring the situation with coronavirus carefully and having regular discussions with audit firms on the issues they face. We will consider measures to manage the crisis carefully.’

The comments came as the FRC prepared to ramp up its annual audit quality inspection (AQI) process as part of wider audit reforms.