COVID-19 changed how most businesses operate day-to-day. Similarly, many financial statement audit teams were tasked with migrating to a fully remote environment in order to complete year-end financial statement audits and other attest functions. But while these changes to core auditing practices can raise questions around quality, these differences from standard customs are generally misunderstood. Below are some common misconceptions about the remote audit process.
Topics: accounting, financial statement audit, Kevin Higgins, COVID19, Coronavirus, remote work, remote audit
For much of 2020, internal audit departments have tested controls using attributes to facilitate work-from-home (WFH) arrangements. As the year and internal audit work for many organizations comes to a close, reconciling if the controls adjusted for remote work arrangements will pass external audit scrutiny is top of mind for many CFOs and internal audit professionals.
Topics: Kevin Higgins, COVID19, Coronavirus, remote work, work from home
Operating budgets will be monitored with scrutiny for the near future as COVID-19 recovery remains uncertain. For many organizations, this may mean that traditional hiring practices will likely be greatly limited, and one of the functional areas that may be affected by hiring limitations is information security.
Topics: cybersecurity, cyber attacks, Ray Gandy, cyber security, IT Risk, COVID19, Coronavirus, cybercriminals, remote work, cyber threat, staffing
The state and local tax implications for your business will require careful attention in the COVID-19 pandemic environment. Remote work during shutdown orders led to many workers finding themselves working for an organization from a different state. Some may even opt to change locations now that working virtually has become a more permanent option.
Topics: Tarra Curran, state and local tax (SALT), new england state and local tax, Ann Brown, COVID19, Coronavirus, COVID-19, remote work
The world as we knew it has been rocked by the global COVID-19 pandemic and the resulting economic disruption. Organizations of every size are adapting their workforce responsibilities and internal control environments to reflect changes in their operations. This includes vendors and service organizations that provide critical financial and information processing solutions.
Topics: cybersecurity, risk management, SOC Reports, SOC, cyber risks, cyber attacks, information security, COVID19, Coronavirus, remote work, Scott Woznicki
Remote work arrangements during the COVID-19 pandemic have presented several challenges for operational continuity, particularly for the tax department function. Even in normal operating environments, tax departments often operate somewhat autonomously from the rest of the business. Tax departments respond to internal-facing demands that require gathering information from their company; as well as external-facing demands, such as submitting necessary information to state and local tax authorities. This dynamic has become more difficult during the pandemic, and it is worthwhile for companies to check in with their tax departments to see how things are progressing, particularly with state and local tax reporting.
Topics: State tax, Sales Tax, sales and use tax, state and local tax (SALT), new england state and local tax, SALT cap tax, Ann Brown, Coronavirus, COVID-19, remote work
COVID-19 has completely disrupted the workplace as we know it. As businesses are slowly being allowed to reopen, employers must plan now for what their post-coronavirus workplace will look like.
By updating office and facility layouts, encouraging new behaviors and adjusting remote work options, employers can help prevent the spread of COVID-19 and other diseases, and protect the health and safety – physical and mental – of employees.
Topics: COVID19, Coronavirus, remote work, workplace
As more states are extending their COVID-19 shelter-at-home orders into the summer months, businesses may be operating remotely longer. The logistics of allowing employees to work from home can be difficult, given the increased demand on IT infrastructures alone, but complying with state and local tax laws will also be a challenge.
Topics: state and local tax (SALT), new england state and local tax, Ann Brown, COVID19, Coronavirus, COVID-19, remote work
