Coronavirus

Covid impacting financial reporting, KPMG finds

Some 87% revealed cyber incidents remained the top risk to their organization, with over half of survey respondents confirming this concern has increased in the last year

Concerns regarding cyber security risks and additional financial reporting controls, resulting from the pandemic, are impacting financial firms and their reporting processes, according to a recent survey conducted by KPMG.

During KPMG’s 30th Annual Accounting and Financial Reporting Symposium, some 91% of financial executives admitted Covid has impacted their financial reporting processes.

Furthermore, 87% revealed cyber incidents remained the top risk to their organization, with over half of survey respondents confirming this concern has increased in the last year.

Held virtually for the first time, the firm’s annual Symposium included 400 participants from across the US and gave financial executives with crucial insight on how to navigate the post-Covid business landscape.

Christian Peo, KPMG’s national managing partner for Audit Quality and Professional Practice, said: “It’s no surprise that Covid-19, and the resulting changes to companies’ financial reporting and controls, were top of mind for most financial executives.

“Just as companies have thought through and will continue to think through changes in processes and controls, auditors have had to work through changes in planning and executing our audits during the pandemic.”

Bill Tomazin, the firm’s national managing partner for Audit Operations and Execution, said: “This year’s Symposium featured a network of KPMG thought leaders who shared the latest information about going concern, discontinued operations, business combinations, environmental, social and governance issues and leadership.

“These topics are important for financial executives to consider when focusing on financial reporting ahead of the close of the calendar year.”

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