By Steven G. Blum, CPA, CFE
As I’m writing this blog, we’ve had the first few confirmed cases of COVID-19 in Pennsylvania; as you read it, I’m sure the number will have grown. Business disruptions on a global scale (80-plus countries) have begun as a result of COVID-19 (also known as the coronavirus), ranging from supply chain issues, to business travel halts, to reductions in consumer demand. People are fearful. There is uncertainty. In this chaotic environment, organizations and their CPA advisers must be alert to all the potential fallout, including the following:
This is not an exhaustive list, and each organization will face unique challenges across their respective operations. But as the world responds to the immediate crisis, these three areas are critical topics on which CPAs should focus their attention.
The SEC recognizes the dynamic and disruptive nature of this issue, and it has granted some regulatory relief for publicly traded companies. On March 4, 2020, the SEC issued a press release providing publicly traded companies an additional 45 days to file certain disclosure reports that would have otherwise been due between March 1 and April 30. This is a limited form of relief, and I encourage you to review the specific SEC press release.
The SEC’s granted relief changes the timing of a disclosure, but not the required content. SEC-reporting companies should consider their respective disclosure requirements as obligations and events unfold. This requires continued oversight by practitioners, senior management, audit committees, compliance, and financial reporting. Organizations should focus on COVID-19’s impact and consider these issues:
In the COVID-19 environment, public and private companies may need to reconsider financial reporting related to areas that had been previously well established. Here are a few examples:
The point here is that the tentacles of the coronavirus can be extensive and pervasive, and not necessarily obvious or immediate. CPAs should consider all the ways in which an organization’s financial reporting may be affected now and in the future.
Unsurprisingly, we are beginning to see a rise in fraud as a result of the public concerns that arise during a widespread outbreak. The SEC has specifically warned companies to look out for coronavirus-related investor scams. Its Office of Investor Education and Advocacy has warned investors of frauds attempting to capitalize on COVID-19 by pushing false claims about certain products (such as the fiction that drinking bleach cures the virus). These fraudsters are attempting to use this false information to drive up a company’s share price in a classic “pump and dump” scheme. These efforts typically focus on smaller public companies and can open them up to crippling liability. Practitioners should help their organizations stay diligent against these kinds of marketplace lies.
The coronavirus could also open the door to other types of fraud. For example, COVID-19 business disruptions may necessitate changes to controls and processes, providing an opportunity for fraudsters to deploy phishing and other scams. A particular concern that practitioner must remain diligent against are “emergency funding” wire transfer requests. Instances of these scams are increasing, and they can be very convincing. Bad actors often prepare for these “campaigns” by patiently collecting personal and corporate information over an extended period. When the opportunity presents itself, such as now, these criminals use the previously gathered information to launch convincing, companywide wire transfer requests. CPAs often find themselves on the front lines facing these bad actors, so they need to help ensure that their clients and employers also remain diligent and exercise extreme caution when responding to requests for funding.
CPAs within the compliance function in global organizations must stay focused on the virus’s impact on anti-corruption regulations. For example, as the virus causes increasing numbers of interactions with global health organizations, government regulators, and other foreign government officials, more opportunities for fraud and corruption arise. Practitioners within the compliance function must stay attuned to the enhanced risks of violating of both U.S. and foreign corruption regulations.
CPAs should assess their respective clients and employers to better understand the unique issues that they are facing. Start the conversations and align with stakeholders as impacts of this virus begin to reverberate around the world. The immediate impacts of the virus may recede, but the fallout will remain for quite some time.
Steven G. Blum, CPA, CFE, is a principal with Control Risks Group in Washington, D.C. He is a member of the Pennsylvania CPA Journal Editorial Board, and can be reached at steven.blum@controlrisks.com.
Sign up for weekly professional and technical updates in PICPA's blogs, podcasts, and discussion board topics by completing this form.
By Steven G. Blum, CPA, CFE
As I’m writing this blog, we’ve had the first few confirmed cases of COVID-19 in Pennsylvania; as you read it, I’m sure the number will have grown. Business disruptions on a global scale (80-plus countries) have begun as a result of COVID-19 (also known as the coronavirus), ranging from supply chain issues, to business travel halts, to reductions in consumer demand. People are fearful. There is uncertainty. In this chaotic environment, organizations and their CPA advisers must be alert to all the potential fallout, including the following:
This is not an exhaustive list, and each organization will face unique challenges across their respective operations. But as the world responds to the immediate crisis, these three areas are critical topics on which CPAs should focus their attention.
The SEC recognizes the dynamic and disruptive nature of this issue, and it has granted some regulatory relief for publicly traded companies. On March 4, 2020, the SEC issued a press release providing publicly traded companies an additional 45 days to file certain disclosure reports that would have otherwise been due between March 1 and April 30. This is a limited form of relief, and I encourage you to review the specific SEC press release.
The SEC’s granted relief changes the timing of a disclosure, but not the required content. SEC-reporting companies should consider their respective disclosure requirements as obligations and events unfold. This requires continued oversight by practitioners, senior management, audit committees, compliance, and financial reporting. Organizations should focus on COVID-19’s impact and consider these issues:
In the COVID-19 environment, public and private companies may need to reconsider financial reporting related to areas that had been previously well established. Here are a few examples:
The point here is that the tentacles of the coronavirus can be extensive and pervasive, and not necessarily obvious or immediate. CPAs should consider all the ways in which an organization’s financial reporting may be affected now and in the future.
Unsurprisingly, we are beginning to see a rise in fraud as a result of the public concerns that arise during a widespread outbreak. The SEC has specifically warned companies to look out for coronavirus-related investor scams. Its Office of Investor Education and Advocacy has warned investors of frauds attempting to capitalize on COVID-19 by pushing false claims about certain products (such as the fiction that drinking bleach cures the virus). These fraudsters are attempting to use this false information to drive up a company’s share price in a classic “pump and dump” scheme. These efforts typically focus on smaller public companies and can open them up to crippling liability. Practitioners should help their organizations stay diligent against these kinds of marketplace lies.
The coronavirus could also open the door to other types of fraud. For example, COVID-19 business disruptions may necessitate changes to controls and processes, providing an opportunity for fraudsters to deploy phishing and other scams. A particular concern that practitioner must remain diligent against are “emergency funding” wire transfer requests. Instances of these scams are increasing, and they can be very convincing. Bad actors often prepare for these “campaigns” by patiently collecting personal and corporate information over an extended period. When the opportunity presents itself, such as now, these criminals use the previously gathered information to launch convincing, companywide wire transfer requests. CPAs often find themselves on the front lines facing these bad actors, so they need to help ensure that their clients and employers also remain diligent and exercise extreme caution when responding to requests for funding.
CPAs within the compliance function in global organizations must stay focused on the virus’s impact on anti-corruption regulations. For example, as the virus causes increasing numbers of interactions with global health organizations, government regulators, and other foreign government officials, more opportunities for fraud and corruption arise. Practitioners within the compliance function must stay attuned to the enhanced risks of violating of both U.S. and foreign corruption regulations.
CPAs should assess their respective clients and employers to better understand the unique issues that they are facing. Start the conversations and align with stakeholders as impacts of this virus begin to reverberate around the world. The immediate impacts of the virus may recede, but the fallout will remain for quite some time.
Steven G. Blum, CPA, CFE, is a principal with Control Risks Group in Washington, D.C. He is a member of the Pennsylvania CPA Journal Editorial Board, and can be reached at steven.blum@controlrisks.com.
Sign up for weekly professional and technical updates in PICPA's blogs, podcasts, and discussion board topics by completing this form.
By Steven G. Blum, CPA, CFE
As I’m writing this blog, we’ve had the first few confirmed cases of COVID-19 in Pennsylvania; as you read it, I’m sure the number will have grown. Business disruptions on a global scale (80-plus countries) have begun as a result of COVID-19 (also known as the coronavirus), ranging from supply chain issues, to business travel halts, to reductions in consumer demand. People are fearful. There is uncertainty. In this chaotic environment, organizations and their CPA advisers must be alert to all the potential fallout, including the following:
This is not an exhaustive list, and each organization will face unique challenges across their respective operations. But as the world responds to the immediate crisis, these three areas are critical topics on which CPAs should focus their attention.
The SEC recognizes the dynamic and disruptive nature of this issue, and it has granted some regulatory relief for publicly traded companies. On March 4, 2020, the SEC issued a press release providing publicly traded companies an additional 45 days to file certain disclosure reports that would have otherwise been due between March 1 and April 30. This is a limited form of relief, and I encourage you to review the specific SEC press release.
The SEC’s granted relief changes the timing of a disclosure, but not the required content. SEC-reporting companies should consider their respective disclosure requirements as obligations and events unfold. This requires continued oversight by practitioners, senior management, audit committees, compliance, and financial reporting. Organizations should focus on COVID-19’s impact and consider these issues:
In the COVID-19 environment, public and private companies may need to reconsider financial reporting related to areas that had been previously well established. Here are a few examples:
The point here is that the tentacles of the coronavirus can be extensive and pervasive, and not necessarily obvious or immediate. CPAs should consider all the ways in which an organization’s financial reporting may be affected now and in the future.
Unsurprisingly, we are beginning to see a rise in fraud as a result of the public concerns that arise during a widespread outbreak. The SEC has specifically warned companies to look out for coronavirus-related investor scams. Its Office of Investor Education and Advocacy has warned investors of frauds attempting to capitalize on COVID-19 by pushing false claims about certain products (such as the fiction that drinking bleach cures the virus). These fraudsters are attempting to use this false information to drive up a company’s share price in a classic “pump and dump” scheme. These efforts typically focus on smaller public companies and can open them up to crippling liability. Practitioners should help their organizations stay diligent against these kinds of marketplace lies.
The coronavirus could also open the door to other types of fraud. For example, COVID-19 business disruptions may necessitate changes to controls and processes, providing an opportunity for fraudsters to deploy phishing and other scams. A particular concern that practitioner must remain diligent against are “emergency funding” wire transfer requests. Instances of these scams are increasing, and they can be very convincing. Bad actors often prepare for these “campaigns” by patiently collecting personal and corporate information over an extended period. When the opportunity presents itself, such as now, these criminals use the previously gathered information to launch convincing, companywide wire transfer requests. CPAs often find themselves on the front lines facing these bad actors, so they need to help ensure that their clients and employers also remain diligent and exercise extreme caution when responding to requests for funding.
CPAs within the compliance function in global organizations must stay focused on the virus’s impact on anti-corruption regulations. For example, as the virus causes increasing numbers of interactions with global health organizations, government regulators, and other foreign government officials, more opportunities for fraud and corruption arise. Practitioners within the compliance function must stay attuned to the enhanced risks of violating of both U.S. and foreign corruption regulations.
CPAs should assess their respective clients and employers to better understand the unique issues that they are facing. Start the conversations and align with stakeholders as impacts of this virus begin to reverberate around the world. The immediate impacts of the virus may recede, but the fallout will remain for quite some time.
Steven G. Blum, CPA, CFE, is a principal with Control Risks Group in Washington, D.C. He is a member of the Pennsylvania CPA Journal Editorial Board, and can be reached at steven.blum@controlrisks.com.
Sign up for weekly professional and technical updates in PICPA's blogs, podcasts, and discussion board topics by completing this form.
By Steven G. Blum, CPA, CFE
As I’m writing this blog, we’ve had the first few confirmed cases of COVID-19 in Pennsylvania; as you read it, I’m sure the number will have grown. Business disruptions on a global scale (80-plus countries) have begun as a result of COVID-19 (also known as the coronavirus), ranging from supply chain issues, to business travel halts, to reductions in consumer demand. People are fearful. There is uncertainty. In this chaotic environment, organizations and their CPA advisers must be alert to all the potential fallout, including the following:
This is not an exhaustive list, and each organization will face unique challenges across their respective operations. But as the world responds to the immediate crisis, these three areas are critical topics on which CPAs should focus their attention.
The SEC recognizes the dynamic and disruptive nature of this issue, and it has granted some regulatory relief for publicly traded companies. On March 4, 2020, the SEC issued a press release providing publicly traded companies an additional 45 days to file certain disclosure reports that would have otherwise been due between March 1 and April 30. This is a limited form of relief, and I encourage you to review the specific SEC press release.
The SEC’s granted relief changes the timing of a disclosure, but not the required content. SEC-reporting companies should consider their respective disclosure requirements as obligations and events unfold. This requires continued oversight by practitioners, senior management, audit committees, compliance, and financial reporting. Organizations should focus on COVID-19’s impact and consider these issues:
In the COVID-19 environment, public and private companies may need to reconsider financial reporting related to areas that had been previously well established. Here are a few examples:
The point here is that the tentacles of the coronavirus can be extensive and pervasive, and not necessarily obvious or immediate. CPAs should consider all the ways in which an organization’s financial reporting may be affected now and in the future.
Unsurprisingly, we are beginning to see a rise in fraud as a result of the public concerns that arise during a widespread outbreak. The SEC has specifically warned companies to look out for coronavirus-related investor scams. Its Office of Investor Education and Advocacy has warned investors of frauds attempting to capitalize on COVID-19 by pushing false claims about certain products (such as the fiction that drinking bleach cures the virus). These fraudsters are attempting to use this false information to drive up a company’s share price in a classic “pump and dump” scheme. These efforts typically focus on smaller public companies and can open them up to crippling liability. Practitioners should help their organizations stay diligent against these kinds of marketplace lies.
The coronavirus could also open the door to other types of fraud. For example, COVID-19 business disruptions may necessitate changes to controls and processes, providing an opportunity for fraudsters to deploy phishing and other scams. A particular concern that practitioner must remain diligent against are “emergency funding” wire transfer requests. Instances of these scams are increasing, and they can be very convincing. Bad actors often prepare for these “campaigns” by patiently collecting personal and corporate information over an extended period. When the opportunity presents itself, such as now, these criminals use the previously gathered information to launch convincing, companywide wire transfer requests. CPAs often find themselves on the front lines facing these bad actors, so they need to help ensure that their clients and employers also remain diligent and exercise extreme caution when responding to requests for funding.
CPAs within the compliance function in global organizations must stay focused on the virus’s impact on anti-corruption regulations. For example, as the virus causes increasing numbers of interactions with global health organizations, government regulators, and other foreign government officials, more opportunities for fraud and corruption arise. Practitioners within the compliance function must stay attuned to the enhanced risks of violating of both U.S. and foreign corruption regulations.
CPAs should assess their respective clients and employers to better understand the unique issues that they are facing. Start the conversations and align with stakeholders as impacts of this virus begin to reverberate around the world. The immediate impacts of the virus may recede, but the fallout will remain for quite some time.
Steven G. Blum, CPA, CFE, is a principal with Control Risks Group in Washington, D.C. He is a member of the Pennsylvania CPA Journal Editorial Board, and can be reached at steven.blum@controlrisks.com.
Sign up for weekly professional and technical updates in PICPA's blogs, podcasts, and discussion board topics by completing this form.
By Steven G. Blum, CPA, CFE
As I’m writing this blog, we’ve had the first few confirmed cases of COVID-19 in Pennsylvania; as you read it, I’m sure the number will have grown. Business disruptions on a global scale (80-plus countries) have begun as a result of COVID-19 (also known as the coronavirus), ranging from supply chain issues, to business travel halts, to reductions in consumer demand. People are fearful. There is uncertainty. In this chaotic environment, organizations and their CPA advisers must be alert to all the potential fallout, including the following:
This is not an exhaustive list, and each organization will face unique challenges across their respective operations. But as the world responds to the immediate crisis, these three areas are critical topics on which CPAs should focus their attention.
The SEC recognizes the dynamic and disruptive nature of this issue, and it has granted some regulatory relief for publicly traded companies. On March 4, 2020, the SEC issued a press release providing publicly traded companies an additional 45 days to file certain disclosure reports that would have otherwise been due between March 1 and April 30. This is a limited form of relief, and I encourage you to review the specific SEC press release.
The SEC’s granted relief changes the timing of a disclosure, but not the required content. SEC-reporting companies should consider their respective disclosure requirements as obligations and events unfold. This requires continued oversight by practitioners, senior management, audit committees, compliance, and financial reporting. Organizations should focus on COVID-19’s impact and consider these issues:
In the COVID-19 environment, public and private companies may need to reconsider financial reporting related to areas that had been previously well established. Here are a few examples:
The point here is that the tentacles of the coronavirus can be extensive and pervasive, and not necessarily obvious or immediate. CPAs should consider all the ways in which an organization’s financial reporting may be affected now and in the future.
Unsurprisingly, we are beginning to see a rise in fraud as a result of the public concerns that arise during a widespread outbreak. The SEC has specifically warned companies to look out for coronavirus-related investor scams. Its Office of Investor Education and Advocacy has warned investors of frauds attempting to capitalize on COVID-19 by pushing false claims about certain products (such as the fiction that drinking bleach cures the virus). These fraudsters are attempting to use this false information to drive up a company’s share price in a classic “pump and dump” scheme. These efforts typically focus on smaller public companies and can open them up to crippling liability. Practitioners should help their organizations stay diligent against these kinds of marketplace lies.
The coronavirus could also open the door to other types of fraud. For example, COVID-19 business disruptions may necessitate changes to controls and processes, providing an opportunity for fraudsters to deploy phishing and other scams. A particular concern that practitioner must remain diligent against are “emergency funding” wire transfer requests. Instances of these scams are increasing, and they can be very convincing. Bad actors often prepare for these “campaigns” by patiently collecting personal and corporate information over an extended period. When the opportunity presents itself, such as now, these criminals use the previously gathered information to launch convincing, companywide wire transfer requests. CPAs often find themselves on the front lines facing these bad actors, so they need to help ensure that their clients and employers also remain diligent and exercise extreme caution when responding to requests for funding.
CPAs within the compliance function in global organizations must stay focused on the virus’s impact on anti-corruption regulations. For example, as the virus causes increasing numbers of interactions with global health organizations, government regulators, and other foreign government officials, more opportunities for fraud and corruption arise. Practitioners within the compliance function must stay attuned to the enhanced risks of violating of both U.S. and foreign corruption regulations.
CPAs should assess their respective clients and employers to better understand the unique issues that they are facing. Start the conversations and align with stakeholders as impacts of this virus begin to reverberate around the world. The immediate impacts of the virus may recede, but the fallout will remain for quite some time.
Steven G. Blum, CPA, CFE, is a principal with Control Risks Group in Washington, D.C. He is a member of the Pennsylvania CPA Journal Editorial Board, and can be reached at steven.blum@controlrisks.com.
Sign up for weekly professional and technical updates in PICPA's blogs, podcasts, and discussion board topics by completing this form.
By Steven G. Blum, CPA, CFE
As I’m writing this blog, we’ve had the first few confirmed cases of COVID-19 in Pennsylvania; as you read it, I’m sure the number will have grown. Business disruptions on a global scale (80-plus countries) have begun as a result of COVID-19 (also known as the coronavirus), ranging from supply chain issues, to business travel halts, to reductions in consumer demand. People are fearful. There is uncertainty. In this chaotic environment, organizations and their CPA advisers must be alert to all the potential fallout, including the following:
This is not an exhaustive list, and each organization will face unique challenges across their respective operations. But as the world responds to the immediate crisis, these three areas are critical topics on which CPAs should focus their attention.
The SEC recognizes the dynamic and disruptive nature of this issue, and it has granted some regulatory relief for publicly traded companies. On March 4, 2020, the SEC issued a press release providing publicly traded companies an additional 45 days to file certain disclosure reports that would have otherwise been due between March 1 and April 30. This is a limited form of relief, and I encourage you to review the specific SEC press release.
The SEC’s granted relief changes the timing of a disclosure, but not the required content. SEC-reporting companies should consider their respective disclosure requirements as obligations and events unfold. This requires continued oversight by practitioners, senior management, audit committees, compliance, and financial reporting. Organizations should focus on COVID-19’s impact and consider these issues:
In the COVID-19 environment, public and private companies may need to reconsider financial reporting related to areas that had been previously well established. Here are a few examples:
The point here is that the tentacles of the coronavirus can be extensive and pervasive, and not necessarily obvious or immediate. CPAs should consider all the ways in which an organization’s financial reporting may be affected now and in the future.
Unsurprisingly, we are beginning to see a rise in fraud as a result of the public concerns that arise during a widespread outbreak. The SEC has specifically warned companies to look out for coronavirus-related investor scams. Its Office of Investor Education and Advocacy has warned investors of frauds attempting to capitalize on COVID-19 by pushing false claims about certain products (such as the fiction that drinking bleach cures the virus). These fraudsters are attempting to use this false information to drive up a company’s share price in a classic “pump and dump” scheme. These efforts typically focus on smaller public companies and can open them up to crippling liability. Practitioners should help their organizations stay diligent against these kinds of marketplace lies.
The coronavirus could also open the door to other types of fraud. For example, COVID-19 business disruptions may necessitate changes to controls and processes, providing an opportunity for fraudsters to deploy phishing and other scams. A particular concern that practitioner must remain diligent against are “emergency funding” wire transfer requests. Instances of these scams are increasing, and they can be very convincing. Bad actors often prepare for these “campaigns” by patiently collecting personal and corporate information over an extended period. When the opportunity presents itself, such as now, these criminals use the previously gathered information to launch convincing, companywide wire transfer requests. CPAs often find themselves on the front lines facing these bad actors, so they need to help ensure that their clients and employers also remain diligent and exercise extreme caution when responding to requests for funding.
CPAs within the compliance function in global organizations must stay focused on the virus’s impact on anti-corruption regulations. For example, as the virus causes increasing numbers of interactions with global health organizations, government regulators, and other foreign government officials, more opportunities for fraud and corruption arise. Practitioners within the compliance function must stay attuned to the enhanced risks of violating of both U.S. and foreign corruption regulations.
CPAs should assess their respective clients and employers to better understand the unique issues that they are facing. Start the conversations and align with stakeholders as impacts of this virus begin to reverberate around the world. The immediate impacts of the virus may recede, but the fallout will remain for quite some time.
Steven G. Blum, CPA, CFE, is a principal with Control Risks Group in Washington, D.C. He is a member of the Pennsylvania CPA Journal Editorial Board, and can be reached at steven.blum@controlrisks.com.
Sign up for weekly professional and technical updates in PICPA's blogs, podcasts, and discussion board topics by completing this form.
By Steven G. Blum, CPA, CFE
As I’m writing this blog, we’ve had the first few confirmed cases of COVID-19 in Pennsylvania; as you read it, I’m sure the number will have grown. Business disruptions on a global scale (80-plus countries) have begun as a result of COVID-19 (also known as the coronavirus), ranging from supply chain issues, to business travel halts, to reductions in consumer demand. People are fearful. There is uncertainty. In this chaotic environment, organizations and their CPA advisers must be alert to all the potential fallout, including the following:
This is not an exhaustive list, and each organization will face unique challenges across their respective operations. But as the world responds to the immediate crisis, these three areas are critical topics on which CPAs should focus their attention.
The SEC recognizes the dynamic and disruptive nature of this issue, and it has granted some regulatory relief for publicly traded companies. On March 4, 2020, the SEC issued a press release providing publicly traded companies an additional 45 days to file certain disclosure reports that would have otherwise been due between March 1 and April 30. This is a limited form of relief, and I encourage you to review the specific SEC press release.
The SEC’s granted relief changes the timing of a disclosure, but not the required content. SEC-reporting companies should consider their respective disclosure requirements as obligations and events unfold. This requires continued oversight by practitioners, senior management, audit committees, compliance, and financial reporting. Organizations should focus on COVID-19’s impact and consider these issues:
In the COVID-19 environment, public and private companies may need to reconsider financial reporting related to areas that had been previously well established. Here are a few examples:
The point here is that the tentacles of the coronavirus can be extensive and pervasive, and not necessarily obvious or immediate. CPAs should consider all the ways in which an organization’s financial reporting may be affected now and in the future.
Unsurprisingly, we are beginning to see a rise in fraud as a result of the public concerns that arise during a widespread outbreak. The SEC has specifically warned companies to look out for coronavirus-related investor scams. Its Office of Investor Education and Advocacy has warned investors of frauds attempting to capitalize on COVID-19 by pushing false claims about certain products (such as the fiction that drinking bleach cures the virus). These fraudsters are attempting to use this false information to drive up a company’s share price in a classic “pump and dump” scheme. These efforts typically focus on smaller public companies and can open them up to crippling liability. Practitioners should help their organizations stay diligent against these kinds of marketplace lies.
The coronavirus could also open the door to other types of fraud. For example, COVID-19 business disruptions may necessitate changes to controls and processes, providing an opportunity for fraudsters to deploy phishing and other scams. A particular concern that practitioner must remain diligent against are “emergency funding” wire transfer requests. Instances of these scams are increasing, and they can be very convincing. Bad actors often prepare for these “campaigns” by patiently collecting personal and corporate information over an extended period. When the opportunity presents itself, such as now, these criminals use the previously gathered information to launch convincing, companywide wire transfer requests. CPAs often find themselves on the front lines facing these bad actors, so they need to help ensure that their clients and employers also remain diligent and exercise extreme caution when responding to requests for funding.
CPAs within the compliance function in global organizations must stay focused on the virus’s impact on anti-corruption regulations. For example, as the virus causes increasing numbers of interactions with global health organizations, government regulators, and other foreign government officials, more opportunities for fraud and corruption arise. Practitioners within the compliance function must stay attuned to the enhanced risks of violating of both U.S. and foreign corruption regulations.
CPAs should assess their respective clients and employers to better understand the unique issues that they are facing. Start the conversations and align with stakeholders as impacts of this virus begin to reverberate around the world. The immediate impacts of the virus may recede, but the fallout will remain for quite some time.
Steven G. Blum, CPA, CFE, is a principal with Control Risks Group in Washington, D.C. He is a member of the Pennsylvania CPA Journal Editorial Board, and can be reached at steven.blum@controlrisks.com.
Sign up for weekly professional and technical updates in PICPA's blogs, podcasts, and discussion board topics by completing this form.
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