To a significant extent, businesses have taken the right steps to limit as much as possible the negative effects during the Covid-19 pandemic in order to be able to cope with a changing and fluid environment of intense uncertainty that was occurring in front of them.
These steps include:
- Accelerate the digital transformation of the business.
- Redesign their operating business framework.
- Retraining their human resources.
- Redesign or improve their existing products and services.
- Limitation of their expenditure, etc.
by Thanos S. Chonthrogiannis-https://trusteconomics.eu
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The Internal Audit
In times of uncertainty, Internal Audit in a company is the last stronghold of business advocacy.
From the period of October until the end of November, internal control units are used primarily to carry out any assessment, to measure the risks to update their audit plan (e.g. annual, three-year, five-year)
The risks to be assessed
The risks to be assessed, regardless of business sector, and to be taken in the design of the audit project base are related to:
1) Cybersecurity in relation to the digital transformation of businesses and the choice of teleworking they adopt (distance teleworking, online sales, customer service, etc.).
2) Business and operational continuity
a) assessment of functions/persons according to their degree of importance in the production process.
b) what are the strength levels of the company,
i) with reduced staff,
ii) with remote work (teleworking),
iii) with limiting movements/transfers, etc.
3) Financial liquidity
4) Customer service
5) Increased likelihood of fraud
6) Supply chain and third-party service.
7) Safety and hygiene of workers in combination with remote work and measures taken during quarantine periods.
Currently, internal control of businesses should take a more flexible approach to (Agile Internal Audit).
During this period, the internal audit should follow a continuous risk assessment and two-way communication of results with management with a view to directing audit resources to a project.
