In a year that presented unprecedented circumstances stemming from the ongoing COVID-19 pandemic, it
was critical to continue to instill trust and confidence
in financial reporting and the related internal controls over financial reporting (ICFR). Preparers faced new challenges as traditional methods of preparing financial information were upended as many accounting and finance professionals were forced to work remotely. External auditors also had to adjust to new ways of performing auditing procedures, including gathering and evaluating evidence in a remote environment. The financial reporting system remained resilient amid these challenges.