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Global Institute of Internal AuditorsBreadcrumb SeparatorNewsBreadcrumb SeparatorBlog: ​Pandemic and Looming Recession Demand Internal Audit to Step Up

Read Richard Chambers' Latest Blog
​​Pandemic and Looming Recession Demand Internal Audit to Step Up

In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:

The health crisis spawned by the COVID-19 virus screams out via daily headlines from around the world. No one would deny that the immediate focus must remain on combating and defeating this insidious virus. However, the virus also brings potentially dire economic consequences.

A survey of economists now places the chances of a U.S. recession at 80 percent, according to Reuters. I fear even that number is too conservative. Regardless of the exact magnitude, no one can dispute that COVID-19 will bring the most significant impact on our economy in more than a decade.

Consider that the U.S. equity markets are on pace to have their worst month since 1931. That means that the stock market in March 2020 has plunged further than any month preceding the U.S. recessions of 1949, 1958, 1973, 1990, 2001, or even the Great Recession of 2007–2009. Markets across the world are seeing similar economic impacts. In my view, the conversation is no longer whether we are facing a recession. Instead, the question is how deep will it be, and how long will it last?

Read the full blog post from IIA President and CEO Richard Chambers.