The Financial Education & Research Foundation (FERF), the independent nonprofit research affiliate of Financial Executives International (FEI) has released a whitepaper showing a trend baseline for filings with and without material weaknesses prior to the business world’s coronavirus pandemic response.
The paper also explores the potential impact of recent COVID-19 protocols — particularly work-from-home — on future Internal Control over Financial Reporting (ICFR).
Highlights of the findings include:
- An increase in the number of filers disclosing material weakness
- An increase in the number of delayed filings
- Development of new or redesigned controls to be deployed to satisfy external auditors
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