What is The Impact of COVID-19 Towards Internal Controls and Fraud Risk?

The COVID-19 virus began to wreak havoc across the globe in the end of 2019. After noticing how contagious the pathogen is and the deadly sickness it can cause, the World Health Organization formally declared the emergence of the virus a pandemic. Shortly after, countries across the world starting imposing strict lockdowns and preventative measures to curb the spread of the virus. Since the virus created unexpected issues quickly, governments, businesses, and families had to make decisions under short notice and with minimal understanding of the consequences. This report addresses the impact COVID-19 had on business’s internal controls which affected auditing and financial statements.