Effects of COVID-19 pandemic on accounting and financial reporting in Nigeria


how the pandemic is affecting the accounting industry

Lazzini et al. contribute to a better understanding of the role of social media forms of communication in shaping and being shaped by financial markets. Drawing on Baudrillard’s simulacra how the pandemic is affecting the accounting industry and hyperreality theory, the authors look at the relationship between Twitter conversations and Italian stock market trends during the first phase of the COVID-19 pandemic.

  • She points to research published earlier this year which found that 59% of professional services employees find flexibility in when they work remotely to be very or extremely important.
  • Other public; manage practice and business conditions within a synchronous and appropriate legal framework.
  • COVID-19 came out of nowhere, and accounting firms across the globe were forced to make changes overnight to keep running and remain compliant.
  • When we see legislative developments affecting the accounting profession, we speak up with a collective voice and advocate on your behalf.
  • In 2020, Vietnam had 204 audit firms with ten foreign-invested firms, and there were 194 companies with 100% domestic-owned companies.
  • Many companies are being forced to address the impact on their businesses, including accounting and financial reporting implications.

“As a finance professional, you need to master the ability to ask questions, listen objectively to various viewpoints, consider the information at your disposal, and respond appropriately to various stakeholders across multiple communication channels,” Hood writes. Hood recently spoke with the Thomson Reuters Institute about the future of the accounting profession in the post-pandemic era — a theme he addressed in a presentation at AICPA’s recent 2021 ENGAGE conference and in a whitepaper and course from the Business Learning Institute. As the pandemic and what comes after continues to transform the accounting profession, CPAs need a new mindset, skill set, and tool set to thrive, says Tom Hood, executive vice president of the Association of International Certified Professional Accountants . Private company boards should bring the backgrounds and insights to understand risks and opportunities and drive the business forward. The COVID-19 is having a huge impact on the global economy, with manufacturers and the travel industry bearing the initial brunt as the impact expands.

Better communication

SEC staff updated its Compliance and Disclosure Interpretations (C&DIs) on non-GAAP financial measures to provide additional clarity and transparency on how the staff applies the guidance. Non-GAAP financial measures have consistently been one of the staff’s most frequent comment letter topics. The updates primarily address the nature and presentation of adjustments or measures that may be considered misleading and, therefore, violate Regulation G or Item 10 of Regulation S-K. BDO was a corporate sponsor of and active participant in several leading governance summits held in the fall of 2022 including the Association of Audit Committee Members Inc., Corporate Board Member and the National Association of Corporate Directors. The following reflects key priorities and considerations as we head into 2023 identified based on our discussions with corporate director attendees, subject matter experts and other related relevant research and thought leadership.

Baker Tilly Disrupts Accounting Customs In Moving Up Top 10 List – Bloomberg Tax

Baker Tilly Disrupts Accounting Customs In Moving Up Top 10 List.

Posted: Tue, 29 Nov 2022 08:00:00 GMT [source]

Clearly define criteria for enterprises to have their financial statements audited annually and transparent financial and accounting information. Determine standards for entities with the public interest in the direction of supplementing necessary subjects, along with requirements on publicity and transparency of close and effective financial statements, ensuring public interests and sustainable development. Government should continue guaranteeing equal rights in accessing investors’ information and related parties for reporting and other financial information. Next, the author created a questionnaire and conducted a trial survey of 30 samples at a small scale to test the reliability of the questionnaire.

Other resources

Although RPA is changing the face of accounting firms, it is important to remember that it will not eliminate human accountants. Because RPA reduces transactional data processing, accountants can focus on delivering higher-value financial analysis to help clients make better business decisions. Firm leaders will continue to focus on RPA solutions that keep up with the changing accounting landscape and serve as practical tools to manage repetitive tasks that cause operational inefficiencies.

how the pandemic is affecting the accounting industry

Fifthly, regulations on professional titles are not entirely consistent with international practices, and valuation activities do not have an appropriate reference market. The number of people with foreign auditor certificates in Vietnam is 2,075 people. Working in auditing firms is 379 people, of which 266 people work at Big 4 auditing firms, and the rest are working in enterprises, economic organizations, and other training institutions. The number of people with accountant certificates as of December 2020 is 1,091 persons, of which 350 are working in accounting service enterprises, accounting for 32% of people with accountant certificates.

How Has the Pandemic Changed the Accounting Profession?

To the extent that travel restrictions prevent auditors from visiting client sites, auditors may have to disclose scope limitations to their normal procedures. Accounting estimates have long been among the more complex tasks for auditors. On March 4, the SEC issued a temporary exemption from meeting deadlines that fall between March 1 and April 30 for filing annual reports, proxy statements, and other regulatory documents. Companies have to explain why they need the exemption, which extended the deadlines 45 days, and refer to the SEC order in their public statements. Insights, resources and tools from leading voices in accountancy and business. Reflecting on the last six months of 2020, 69% believed that the pandemic, as it related to their firm’s financial performance, was better than expected, 27% thought it was as expected, and 4% felt it was worse than expected. We have heard from firm leaders that more flexibility allowed by virtual work arrangements will help with job satisfaction.

Do CPAs make six figures?

A CPA salary usually reaches the high five figures, and senior CPAs in management can earn a six-figure salary.

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