There is no doubt that the COVID-19 pandemic will have significant, complex and long-lasting harmful economic consequences around the world, which will vary from country to country.Policy makers, international institutions, banks and capital markets will need comparable financial statements to make quality and comprehensive decisions. Achieving comparability in consolidated financial statements (both the companies and the governments) requires globally applicable financial reporting standards, in this case for public sector. Assuming that accounting and reporting standards are established and applicable (as is the case in our country), the role of audit is emphasized, which gives credibility through opinions on financial statements and enables a certain degree of reliance on those reports to all participants in decision-making. The aim of this paper is to contribute to the literature, but also to the practice in the field of public sector auditing. The practical aspect is to create a basis for adjusting the risk-based approach to identification and assessment in audit work, while the other aspect is to provide additional sources of literature on the impact of the COVID - 19 pandemic on financial reporting and further research in this direction.

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