Call us now:
The audit industry has had a tough time. While £33 million in fines may not sound allot for some jurisdictions, it demonstrates that the Financial Reporting Council (FRC) is taking oversight, assurance and attestation of financial reporting seriously. Bringing actions against the audit firms that have been involved in significant corporate failures.
Audit is a critical function, whether it is financial or non-financial. By example, the independence the audit function brings to assurance and attestation of cybersecuirty will increase significantly. As covered organisations face regulatory requirements to oversight, assure and attest cybersecurity risk management. Requiring the 3rd Line provide independent assurance as to the compliance of cybersecurity risk management ahead of boards attestation and regulatory filing. Attestation that the 1st and 2nd lines alone should not and cannot make. Placing the 3rd Line in difficult place.
The 3rd Line requires the necessary skills, knowledge and experience to assure cybersecuirty risk management. That requires auditors have the necessary training to perform due diligence.
An example of why it is important investigators need the appropriate skills in technology (and security), is demonstrated by the UK Post Office inquiry. It highlighted that the investigator into the failings of the Post Office system was not ‘technical technically minded… I would expect that to come from the people above’. (https://lnkd.in/dB3chbdz).
Ted Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #audit #cyberaudit
View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7151498946501042176