COVID-19 presents new risks
AUDITS & ASSURANCE
COVID-19 presents new risks
“ The standards haven ' t changed , yet the pandemic has resulted in new risks . There have been significant changes to internal controls as a result of remote work arrangements this makes business more vulnerable to fraud and cybersecurity attacks , often while facing resource constraints and staff reductions — making it even more difficult to design effective controls .”
The future for audits and assurance and the core priorities for 2021 “ One of the priorities in 2021 is to understand how we can leverage what we learned during the pandemic to further enhance audit quality . For instance , technology has been widely adopted to improve audit quality , by driving efficiency and greater coverage of a client ’ s portfolio ,” comments Pera .
It is important for the accounting industry to remain a step ahead of businesses transforming the way they collect and process data . As a result “ continuing to invest in cognitive , machine learning and
96 April 2021