The New Yorker was awarded the Pulitzer Prize gold medal for public service for stories published a year ago by Farrow, a contributing writer, that exposed the alleged pattern of sexual predation by movie producer Harvey Weinstein.
The report comes as CBS is in public litigation with Shari Redstone, the controlling shareholder in both CBS and Viacom, over her plans to merge CBS and Viacom (and potentially sell the combined corporation). Redstone wishes to recombine the companies to better compete with Silicon Valley players.
Mr Moonves earned $69.3m (£53m) in 2017 making him one of the highest paid chief executives in the world.
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When asked for comment by ABC News on the anticipated report, the company's independent board of directors said it would investigate the accusations.
"I think there's still a lot we don't know about the investigation".
The CBS board is split, with the independent members of the board backing Moonves in his quest for more autonomy from Redstone.
"Throughout my time at CBS, we have promoted a culture of respect and opportunity for all employees, and have consistently found success elevating women to top executive positions across our company", Moonves told Farrow in a statement.
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Whatever the outcome of the investigation, it threatens to tarnish the legacy of a modern media giant. All the women said they still feared that speaking out would lead to retaliation from Moonves, who is known in the industry for his ability to make or break careers.
Moonves, 68, joined CBS as an entertainment president in 1995 and has been CEO since 2006.
CBS acknowledged the battle with Redstone in its statement Friday.
Other accusers in the story include "How to Lose a Guy in Ten Days" producer Christine Peters, who claims Moonves stuck his hand up her skirt, and "a prominent actress who played a police officer on a long-running CBS program" who says he shoved his tongue down her throat.
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CBS' stock price dropped on Friday amid the reports.