Financial Reporting in the COVID-19 Era for Accounting Professionals

Feature papers represent the most advanced research with significant potential for high impact in the field. A FeaturePaper should be a substantial original Article that involves several techniques or approaches, provides an outlook forfuture research directions and describes possible research applications. Another thing that hasn’t changed are the isolation recommendations.

Les Nettleton, director of information technology at Bourgeois Bennett CPAs & Consultants, said working from home has had little impact on productivity at the 97-year-old firm, which has more than 80 professionals in Louisiana. When the coronavirus pandemic led to stay-at-home orders that shuttered businesses, organizations across the country had to adapt quickly. To understand the pandemic’s impact, Accounting Today conducted a survey in the third week of April, sponsored by ADP, asking specifically how firms have responded in terms of their staff, their operations and more.

Effects of Covid-19 Pandemic on Accounting Professionals: A Case of Sivas Province

Audit is transitioning from a reactive, backward-looking activity to a proactive, predictive, forward-looking one that operates in real time. It offers a way to assist businesses by delivering timely information. To manage pandemic-induced uncertainty, many accounting professionals are turning to software providers who offer trusted guidance and advanced technology to keep pace with the latest COVID-19 developments. One of the most intimidating tasks facing companies’ financial representatives today is the urgent need to provide extensive disclosures detailing the pandemic’s impact and how that risk is being managed. Several accounting matters—including going concern considerations, impairments, fair value measurements, debt, and revenue recognition—must be navigated through a new lens given the impact of COVID-19.

I was one of about four Black college students to be hired. Emsar Bradford took a special interest in the four of us and always made a special effort to speak to us when he visited his client. This inspired me to want to be like him—in short, he became a role model for me. — Joseph Radigan is a financial writer based in New York. To comment on this article or to suggest an idea for another article, contact Ken Tysiac, the JofA’s editorial director, at -cima.com.

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The pandemic pushed everyone involved to adopt a new auditing approach, and cloud- based data extraction technologies were put to the test straightaway. Some IT auditors have lagged in technology advances, and, as a result, the gap between current technology practices and accounting and assurance methods has become more significant in both the public and commercial sectors. With the advancement of cloud computing technologies, new risk has emerged, and new controls must be designed to ensure the security of information managed and stored in the cloud. Audits must also be tailored to the cloud’s unique requirements and characteristics. It’s not just the tax and accounting industry that has innovated throughout the pandemic – businesses across industries are using this crisis to breed innovation. Businesses and individuals that are struggling financially are seeking ways they could do it better.

“We urge issuers to work with their audit committees and auditors to ensure that their financial reporting, auditing, and review processes are as robust as practicable in light of the circumstances in meeting the applicable requirements,” the regulators said. Is a manager of information systems audit at the State Bank of India (SBI), a Fortune 500 company with more than 22,000 branches worldwide. how has covid affected the accounting profession Apart from conducting various audits, which include IS audits, IT migration audits and regulatory framework implementation audits, Butaka’s work also includes preparing and editing various policies for IT, cybersecurity and framework design. Butaka also coordinates the technical price negotiation committee, IT strategy committee and audit committee board meetings and ensures their implementation.