COVID-19 will require companies to dust off significant and unusual transactions controls and controls over areas where the pandemic becomes a triggering event, requiring additional attention to asset valuation, the business’s ability to continue as a going concern and compliance with debt covenants. The current economic uncertainty will require companies to reassess their accounting judgments and estimates and, in turn, their impact on management review controls.

This article outlines steps to consider as you prepare your control documentation along with some specific assumption considerations and challenges for several areas typically requiring management review controls.