The global accounting community is being cautioned that some of the circumstances arising out of the current COVID-19 pandemic has given rise to a higher likelihood of accounting-related fraud, the United States-based International Federation of Accountants (IFAC) has warned.
“Economic crises have historically served as a powerful catalyst for financial malfeasance, and this risk is no different in the current environment,” the IFAC said in a statement circulated worldwide earlier this month. And the accounting body is cautioning all professional accountants to be attuned to this heightened risk and continue to exercise “high levels of diligence, integrity, and professional judgment,” at this time.
