We believe that these issues have been felt across the board in audit reviews in the past three years and by being aware of them before going into a review you’ll be better equipped to identify them.
A common issue that will be obvious from the get-go is if a client has failed to address any concerns or disclosed any information about how the COVID-19 pandemic has impacted the business. The world is not the same as it was pre-2019 and we’ve all had to make alternative arrangements to operate professionally again. Some of these arrangements such as remote working may reduce the risk of spreading COVID-19 but can put a business and its assets at risk.
We have seen an increase in fraud over the past three years due to moving to remote working and the rise in e-commerce. We’re sure we’re not the only ones who have received suspicious emails asking for proof of payment or an invoice for an item that we didn’t purchase.
There are several others that we have put together in a convenient document so that you’ve got them all at your fingertips when the time comes. This document is free to download.
