Does your ICFR program meet your needs in today’s environment?
For the majority of companies, financial statement risks have changed in light of COVID-19, and, as a result, the internal controls for financial reporting (ICFR) program needs to adapt. To determine if your ICFR program has been impacted, and whether the program meets need in the evolving environment, your SOX function should evaluate its approach for addressing new internal and external risk factors.
KPMG has developed an ICFR impact assessment tool that can quickly determine the overall impact of COVID-19 on the ICFR program and develop a roadmap of activities to be completed in order to modify the program to address the risks in today’s environment based on your industry, your operational circumstances, and the extent to which your control environment has changed. Our assessment framework allows us to look across all program pillars including strategy, risk, technology, and governance.