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The SECs chief accountant Paul Munter highlights PCAOB findings over deficiency rates of audit inspections, when examining audits carried out in 2022. Highlighting insufficient audit evidence was obtained to support audit opinion in 40% of inspected audits.
The enclosed publication highlights managements role is exercising professional skepticism in response to changing conditions and the importance of the audit committee in prioritizing and promoting audit quality. As key drivers of audit integrity and investor protection.
Audit plays a significant role in the oversight, assurance and attestation of cybersecurity regulatory compliance. Internal and external non financial and financial audit assure and attest the organisations control environment. As regulators introduce cyber regulation, audit plays an important role in enabling an organisation assure its cyber risk governance; risk management program; threats and vulnerabilities; control design and effectiveness; and the adequate and economic compliance to cyber risk management regulation.
Requiring management exercise professional skepticism to changing conditions and the prioritization and promotion of audit quality. As current cyber regulations require board attestation, and civil and criminal penalties for compliance failure.
Ted Dziekanowski Brian D. McCarthy Rich Waite, M.Ed. George Sawyer
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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