COVID-19 vs Internal Controls
Now, more than ever, the terms “value for money” and “sustainable actions” are part of many business decisions. As organizations seek to weather the COVID-19 storm, costs have come under greater scrutiny. During this time, companies must be careful not to expose themselves to risks as they review their internal controls environment.
We predict that as companies deal with the challenges of the pandemic, some of their actions will lead, directly or indirectly, to weakening their internal control framework. Therefore, management teams need to be cautious of the changes this pandemic has brought to their environment and assess, how and if, their COVID-19 responses have impacted their internal controls.
Here we highlight key considerations for sustaining a robust internal control framework as you address the challenges of COVID-19.