COVID-19 Impacts on Accounting, Reporting and Internal Controls

The coronavirus (COVID-19) pandemic has brought major disruptions worldwide, with further impacts yet to be felt. For many businesses, operations are curtailed or dramatically shifted, and supply chains are disrupted. While COVID-19’s impacts vary by industry, all businesses will want to reevaluate their accounting, reporting and disclosure, as well as internal controls over financial reporting (ICOFR) practices, in light of the pandemic.

This article focuses on potential accounting and audit impacts and outlines key internal control considerations finance leaders should review as they respond to the global pandemic and its consequences.