The U.S accounting regulator, the PCAOB, wants audit firms to take on more responsibilities for the detection of fraud.

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The U.S accounting regulator, the PCAOB, wants audit firms to take on more responsibilities for the detection of fraud. That includes greater oversight of cybersecurity risks (https://lnkd.in/ex5zx79P).

Changes that members of the audit profession see as an overhaul of the profession. But one that investors favor as it provides greater oversight and assurance of corporate governance and being parochial greater oversight of cybersecurity risk management. Oversight that regulators in the U.S and EU also aspire to, including the SEC and EU Commission.

If the PCAOB drives forward with its changes they will have broader implications for the oversight and assurance of cybersecurity risk than current and proposed cybersecurity risk management regulation.

For the audit profession to provide oversight and assurance of cybersecurity risks it will need to develop audit oversight and assurance frameworks and methods. A program that we at Veritas GRC, Ryan Buckner at Schellman and Rachel V. Rose, JD, MBA have started.

@Thaddeus Dziekanowski Brian D. McCarthy

The Institute of Internal Auditors Inc. ECIIA | European Confederation of Institutes of Internal Auditing

#cybersecurity #cybersecurityriskmanagement

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