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The outbreak of COVID-19 (coronavirus) has resulted in an unprecedented increase in fraud and corruption. A fraud contributing factor, unique to this crisis, is the reduced oversight and control due to the decentralized way of remote working both internally and across the supply chain (e.g. third parties). This continues to expand the opportunities for fraud, particularly when coupled with the increasing complexity of global organizations in terms of technologies, financial transactions and processes, global supply chains and third party relationships. At the same time, the regulatory landscape is increasingly complex while regulators are enforcing larger fines and penalties are being issued like never before.

Audit committees have to address the various fraud and corruption risks head-on, ensuring that appropriate safeguards are in place and that whistle-blowing channels are both fit for purpose and working as intended.

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