The Impact of COVID-19 on Accounting Profession

The outbreak of COVID-19 has created a crisis in health, education, profession, and other social phenomenon. Though the full impact of COVID-19 has yet to start, the health and economic sector is going through a tough time. Based on the current scenario, the pandemic modified the work environment (virtual) and shifted the focus of accountants in crises management (BDO, 2020). During this pandemic, the organizations are facing difficulties such as the threat of bankruptcy and insolvency which is motivating them to take measures such as manipulation earnings, and as professionals are working remotely following professional code of conduct like integrity has become a challenge (Albitar et al., 2020). Various accounting firm owners and partners are also not satisfied working remotely. Staff, however, are satisfied working remotely (KARBON, 2020). According to KARBON (2020), major challenges that accounting professionals face are higher workload, more stress, increased emails and meetings, blind spot communication with clients, isolated from team members. The major impacts of COVID-19 on the accounting profession are alternative performance measures, technological evolution (Hossain, 2020), modifying skills. The next section deals with a brief discussion of the impact of COVID-19 on the accounting profession.