In the extremely short run, the global pandemic Covid-19, other than endangering human lives, has remained a significant impact on world's economy. With the spread of infection, it was certain that the corona virus will leave negative consequences, both on private lives and on the entire business world. In economic theory, the apperance of recession every few years is common, but this time the situation is a bit different. The corona virus restricted people from free movement for the purpose of preventing the spread of pandemic and brought problems in many aspects of the business. The specificity of this economic crisis is that it affected the whole world simultaneously and caused sharp and deep decline in economic activity. This crisis has slowed activity in some sectors while in some industries the activity has almost stopped. Only a few sectors are facing an increase in activity. We can't say that this particular profession has been drastically affected by the global pandemic, but the consequences are certainly being felt in some parts of the profession. The aim and purpose of this paper is to explain the most significant changes that have occurred with the start of Covid-19 in accounting, financial reporting and the audit of annual financial statements. Given the new situation, the institutions had to adjust certain standards in order to keep the quality of accounting and auditing on the same level as before the Covid-19. Also, the global pandemic has changed the usual work habits of people employed in this sector and confronted them with very demanding conditions to which they had to adapt in a short time. Based on the proffesional literature, various proffesional and scientific articles, reports and publications of many institutions, the consequences of the corona virus on the previously mentioned areas will be presented.