Governance Issues TM
Volume 2020, No. 2
April 27, 2020
In This Issue
Is COVID-19 Infecting your ICFR?  With an expanded, three article newsletter, Governance Issues explores the impact of COVID-19 on ICFR, the IT control impact of “tiny IT organizations” and using a SWOT analysis to prepare for the new normal. Respond directly to the authors with comments.
The The COVID-19 pandemic has triggered rapid changes to business processes, not least of which has been the widespread migration of employees to remote working arrangements. This article explores what impacts these business process changes might have on internal control over financial reporting (ICFR).

As businesses adapt and cope, ICFR should remain a top priority for company management.
The shift in remote working challenges the structure around previously implemented controls that may ultimately impact shareholder value
The shift in remote working, as a result of COVID-19, challenges and tests the structure around previously implemented controls which may ultimately impact shareholder value. This article identifies categories impacted by the structural shift that is occurring with remote work and considerations for internal controls.
By Ron Kral, CPA, CMA, CGMA
Mobilizing our work-forces to home environments, lost revenues, employee furloughs, shifting customer demands, supply chain interruptions and a slew of other current realities are keeping us up at night. While the hope is that a high level of “normalcy” will return, the COVID-19 crisis is likely to alter competitive landscapes and trigger huge distributions of wealth.

We should be asking – what will our “new-normal” look like and how do we prepare for it?
Organizations have been forced to react quickly to changes in business practices, such as office closures, staff reductions, absenteeism due to illness or family caregiver priorities, business contractions, collectability issues, etc. The KU team has compiled a complimentary questionnaire to assist boards and management teams in assessing the impact of changes in internal control over financial reporting (ICFR) brought about by the impact of COVID-19.
Kral Ussery serves US public and private companies to protect and grow shareholder value, as well as non-profits and governments with internal controls and in combating fraud. Download our services flyer .
About Governance Issues TM
Go vernance Issues TM is an electronic newsletter published by Kral Ussery LLC, a public accounting firm delivering advisory services, litigation support and internal audits. The newsletter focuses on our practice areas of SEC compliance, internal controls, IT general controls, risk assessments, IPO readiness, M&A transactions, US GAAP compliance and internal auditing.
Content in this newsletter is for general information purposes only and should not be used as a substitute for professional consultation.
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