抽象
由于行动受限，这种大流行给全球经济带来了前所未有的不利影响，特别是对航空运输业而言。本文旨在分析美国航空公司领导者达美航空公司（Delta Air Lines，Inc.）受冠状病毒的影响，并探讨其如何影响达美2020年的年度审核。本文基于季度财务结果，并辅以审查分析程序并符合AICPA标准。在这种情况下，本文着重于审计意见制定过程的中间三个阶段。结合财务数据审查，对公司提供的定性信息进行了分析。

Abstract 

The pandemic is bringing unprecedent adverse impact to global economy, especially for air transportation industry due to the limits on movement. This paper aims to analyze how Delta Air Lines, Inc. (Delta), the U.S. airline leader, is affected by the Coronavirus, and to find out how it may impact Delta’s 2020 annual audit. The paper is based on the quarterly financial results with the assistance of review analytical procedures and in accordance with AICPA standards. In this context, the paper focuses on the middle three phases of the audit opinion formulation process. An analysis of the qualitative information provided by the company is conducted in combination with financial figures review.

介绍
达美航空（Delta）在服务，可靠性和客户体验等诸多方面均是美国的全球领先企业。它致力于提供世界一流的旅行体验，并为投资者带来高回报。达美航空每年为超过2亿客户提供航空公司服务，并将其带到50多个国家/地区的300多个目的地（Delta，2020a）。

Delta Air Lines (Delta) is the U.S. global airline leader in many aspects including its services, reliability and customer experience. It is committed to delivering a world-class travel experience as well as generating high investor returns. Delta provides airline services to more than 200 million customers each year and takes them to more than 300 destinations in over 50 countries (Delta, 2020a). 

分析
我之所以选择达美航空，是因为该公司在航空运输业中运营，这受到了冠状病毒的空前冲击，而公司的运营业绩令我感兴趣。随着限制行动的宣布，航空公司的乘客人数大幅下降。即使在限制解除后，大多数乘客还是很有可能会选择等待几个月才能出行。
根据这项研究，全球26,000架客机中约有三分之二停飞，今年很可能出现3,140亿美元的销售缺口（Whitley，2020年）。因此，本文旨在分析Delta对冠状病毒的影响，并探讨其对公司2020年年度审计的影响。
对审核计划的影响
审计意见制定过程分为五个阶段，并且假定客户已被接受。
当涉及第二阶段时，至关重要的是识别和评估重大错报的风险，并相应地计划审核，以应对已识别的重大错报的风险。首先，有必要评估客户的持续经营状况，这将是审核的主要重点。实际上，研究表明，由于巨大的资金短缺和现金流量不足，许多承运人可能面临破产的可能。如附录B所示，达美航空的净收入与销售额从正数变为负数。在运营的前三个月中，其净亏损占旅客总收入的6.2％。
其次，由于这种情况是前所未有的，因此审计师需要仔细地重新评估重大错报的风险，因为客户以前的风险水平可能不适当，需要专业判断。如第10季度财务报表的注释2所述，某些作为达美主要市场的国家逐渐禁止跨境旅行者（Delta，2020b）。具体而言，Delta的固有风险水平可能会增加。根据第7章的规定，该行业整体经济环境的变化可视为商业风险，它将影响财务报表一级的固有风险。同时，在大流行的影响下，达美采取了一项新的信贷损失准则，该准则对其有效从2020年初开始（Delta，2020b）。
第三，针对由于客户固有风险而导致重大错报的可能性，审计师应获得充分适当的证据，以增加对错报风险的评估。预计将实施广泛的性质，时间安排和响应范围。 AU-C 300还指出，应将资源分配给特定的审核区域，作为总体审核计划的一部分。

Analysis

The reason why I choose Delta is that the company operates in the air transportation industry which is under unprecedently impact of the Coronavirus, and the company’s operating performance interests me. As the announcements of limits on movement, there is a significant decline in the number of passengers for airline companies. Even after the limits unwind, there is a great possibility that most passengers will choose to wait a few months before travelling.  

Based on the research, about two-thirds of the world’s 26,000 passenger aircraft are grounded and a $314 billion shortfall in sales is likely to happen this year (Whitley, 2020). Therefore, this paper aims to analyze how Delta is affected by the Coronavirus, and to find out how it may impact the 2020 annual audit for the company.

Impact on the Audit Plan

There are five phases of the audit opinion formulation process and it is assumed that the client has been accepted.

When it comes to the second phase, it is vital to identify and assess the risks of material misstatement and to plan the audit accordingly to respond to the identified risks of material misstatement. First of all, it is necessary to assess the client’s going concern, and it will be a key and primary focus of the audit. In fact, researches have shown that many carriers might be faced with potential bankrupt because of the huge shortfall and insufficient cash flows. As shown in Appendix B, Delta’s net income to sales changes from positive to negative. During the first three months’ operation, its net loss takes up 6.2% of total passenger revenue.

Secondly, as this situation is unprecedent, auditors need to carefully re-evaluate the risk of material misstatement because the previous risk level of the client might be improper and requires professional discretion. As discussed in the Note 2. of the 10 Q financial statement, certain countries that are Delta’s major markets gradually put bans on cross-border travellers(Delta, 2020b). Specifically, the level of inherent risk of Delta is likely to increase. The change in overall economic climate in the industry could be regarded as business risks which will impact inherent risk at the financial statement level according to chapter 7. Meanwhile, under the impact of the pandemic, Delta adopts a new standard regarding credit losses that it effective from the beginning of 2020 (Delta, 2020b).

Thirdly, in response to the high likelihood of material misstatement due to inherent risks of client, auditors should obtain sufficient and appropriate evidence with increases in assessment of risk of material misstatement. Extensive nature, timing, and extent of responses are expected to be implemented. AU-C 300 also states that resources should be allocated to specific audit areas as a part of the overall audit planning. 

特定测试领域
必须增加特定的测试领域，以获得足够的适当审核证据。
收入确认无疑是最高风险的领域，需要深入调查，尤其是在冠状病毒的影响下。审计师应将其视为欺诈风险因素，并且应就收入的发生和准确性执行广泛的实质性程序。参考附录B，在来自客运，货运和其他的收入中，营业收入的销售组合变化不大。但是，与其他相比，冠状病毒的影响可能会更多地削弱乘客的收入。但是，在确定潜在变化时，需要与行业状况进行比较。值得注意的是，在初期，达美航空可能需要降低价格并提供更多促销活动，以吸引旅客回头客。因此，应精心计划2020年年度审计，以接受价格政策的变化，并检查达美收入的准确性。
应收账款与收入密切相关，因此应仔细检查其存在和价值。根据附录A，应收账款占总资产的比重从4.4％略降至3.3％。预期应收账款的变化与销售方向相同。同时，考虑到主要客户的财务状况也可能受到经济下滑的影响，应评估应收账款的账龄和债务支出。
另一个高风险区域可能与现金和现金等价物帐户有关。参考附录A，2020年现金等价物在总资产中的比例大大高于2019年。尽管如此，流动性和现金资产并未因大流行而预期下降。如注释中所述，达美航空将应对大流行的重点放在提高流动性上，并采取措施实现这一目标。但是，该帐户的存在和评估仍应进行彻底调查。
此外，AU-C 708要求审计师评估会计准则变更的适当性。由于达美航空根据ASU No.2016-13主题326采用新的信用损失模型，因此审计师需要评估其是否符合适用的会计准则。
行为准则的含义
冠状病毒正在影响每个人的生命和整个经济。在这个不确定的时期，所有从业人员都应面对这些新挑战，并继续为客户和公众提供高质量的审计或会计服务。
在某些情况下，审计师会面临道德冲突。例如，某些公司可能故意夸大其收入，以保持持续经营和盈利能力。审核员可能已检测到这种欺诈行为，但报告可能导致机密性问题。面对道德冲突，审计师应采取一系列步骤，以更好地实现对《专业行为守则1.000.020道德冲突》所要求的规则和法律的遵守。
同时，在这个空前的时期内，适当谨慎原则对审计师尤为重要。一方面，成员应遵守最新的技术和道德标准，即使在检疫期间也要保持自己的能力，特别是当AICPA发出有关实践的持续更新以应对全球经济的快速变化时。另一方面，在当前情况下，某些审核可能需要远程工作，包括库存盘点。在这种情况下，会员应尽力为客户提供高质量的保证服务，并按照《守则》的要求认真提供服务。

Specific Areas of Testing

Specific areas of testing should be necessarily increased to obtain sufficient appropriate audit evidence.   

Revenue recognition is definitely the highest risky area that requires in-depth investigation, especially under the impact of the Coronavirus. Auditors should treat it as a fraud risk factor and extensive substantive procedures should be carried out regarding the occurrence and accuracy of revenues. Referring to the Appendix B, the sales mix of operating revenues does not change much amongst revenues from passengers, cargo and others. However, the impact of the Coronavirus is likely to undercut the passenger revenues more compared to others. But a comparison with the industry condition is needed while deciding the potential changes. It is notable that during the initial period, Delta might need to cut its prices and offer more promotions to woo passengers back. Therefore, 2020 annual audit should be carefully planned to embrace the changes in pricing policy, and to examine the accuracy of Delta’s revenues.

Accounts receivable account is closely connected with revenues, thus its existence and valuation should be carefully examined as well. According to the Appendix A, the accounts receivable to total assets experiences a slight decrease from 4.4% to 3.3%. The change in accounts receivable is expected to move in the same direction as sales. In the meanwhile, the aging of accounts receivable and debt expenses needs to be evaluated considering the financial position of major customers can be impacted by the downside of economy as well.

Another high-risk area might be connected with cash and cash equivalent account. Referring to the Appendix A, the proportion of cash equivalents to total assets in 2020 is significantly higher than that of 2019. Nonetheless, the liquidity and cash assets do not decline as an expected result of the pandemic. As stated in the notes, Delta puts enhancing liquidity as its priority in response to the pandemic and takes measures to achieve that. But the existence and valuation of this account should still be thoroughly investigated.  

Moreover, AU-C 708 requires auditors to evaluate the appropriateness of changes in accounting principles. As Delta adopts a new credit loss model under ASU No.2016-13 Topic 326, auditors need to assess whether it is in compliance with applicable accounting standards.

Implications from the Code of Conduct

The Coronavirus is impacting every one’s life and the entire economy. During this period of uncertainty, all the practitioners should encounter these new challenges and continue to provide high-quality auditing or accounting services to the client and the public.

There might be some circumstances where auditors are faced with ethical conflicts. For instance, some companies might intentionally overstate its revenue to maintain going concern and profitability. The auditor might have detected this fraud but reporting it can lead to confidentiality issues. In the face of ethical conflicts, auditors should take a series of steps to better achieve compliance with the rules and the law as required by the Code of Professional Conduct 1.000.020 Ethical Conflicts.

In the meantime, due care principle is especially important for auditors during this unprecedent period. On one hand, a member should observe the updated technical and ethical standards, maintaining his/her competence even during the quarantine, especially when continuous updates on practices are issued by AICPA to cope with rapid changes in global economy. On the other hand, under the current situation, some audit might need remote work including inventory count. In this case, members should be diligent in delivering high-quality assurance services to client and carefully render services as required by the Code.

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