The COVID-19 outbreak has impacted worldwide commerce, sparing no industries, leaving entities to identify new risks, prepare a response plan, implement new controls or augment existing controls, and monitor the effectiveness of internal control over financial reporting (ICFR) – all while employees are working remotely.
The necessity of implementing changes to respond to new risks occurring at unprecedented speeds puts pressure on entities to maintain effective ICFR. The following are key impacts on the components of the COSO Framework:
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Use our Accounting Research Online for financial reporting resources.
Use our Accounting Research Online for financial reporting resources.