Managing the Risks of Remote Accounting Work

Here are some guideposts to help ensure optimal remote security: * Increase virtual private network (VPN) capacity - Most CPA firm VPN structures had anticipated only a minority of employees using the system. With so many incidents of social-engineering scams that target naive or sloppy workers, it is essential that CPA firms make security training a high priority for employees working from home or other nonfirm locations. * Give clear guidance on approved practices - IT departments must aggressively communicate acceptable computing practices and discourage unacceptable ones. Furthermore, certain accounting issues suddenly became much more relevant during this period: * Impairment of tangible and intangible assets * Investment valuation * Financial and credit instrument losses * Contingent liability * Revenue recognition Auditors must assess whether their clients have the capacity to continue as a going concern under GAAP and whether or not financial statement adjustments (or further disclosures) will be needed due to the pandemic.