From www.icaew.com: Auditors must adapt their approach due to the introduction of enhanced tariffs by the US administration, which affects businesses significantly.

Key considerations include assessing risk related to profit margins, liquidity, and operational adjustments while maintaining professional scepticism to avoid misstatements.

Auditors should focus on going concern assessments, financial reporting risks, and transparent disclosures in light of the uncertainties related to tariffs and their potential impact on financial statements.