Hot Topic | April 2020
Impacts on entities’ execution of the COSO Internal Control Framework
KPMG discusses how components of the COSO Framework are likely to be impacted as a result of the COVID-19 outbreak and what entities and auditors should look out for.
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:
Coronavirus
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