At the recent Philippine Institute of Certified Public Accountants Metro Manila Region International Conference in Toronto, audit firm Grant Thornton emphasized that economic volatility is significantly altering the landscape of financial reporting, as reported by BusinessWorld.
The firm noted that uncertainty now impacts many of the judgments, estimates, and disclosures underlying financial statements. Key risks include inflation, policy changes, geopolitical tensions, and supply chain disruptions — all of which require boards and audit committees to exercise heightened scrutiny and adaptability.
Grant Thornton urged finance leaders to strengthen their risk assessment processes and ensure transparent communication of uncertainties to stakeholders. The message underscores the need for proactive governance in an environment where traditional reporting assumptions may no longer hold.