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An appropriate refresher from the Securities and Exchange Commission (SEC) on the role of audit. Audit is critical to regulatory compliance, providing investor confidence and boards with the appropriate oversight and assurance of both financial and non financial risks. Long-recognized that audits by professional, objective, and skilled accountants that are independent contribute to both investor protection and investor confidence in the financial statements.
For corporate boards the role of internal audit as a 3rd line of defence is a critical component of risk management. Basel Accords require Financial Institutions to have an independent 3rd Line of Defence to provide oversight and assurance of an organisations risk management. With the proposed adoption of cybersecurity regulations by many governments, boards will be required to provide independent oversight and assurance of their organisations management of cybersecurity risks. A role carried out by qualified, independent and regulated auditors, if boards want to demonstrate to all their stakeholders that they are managing the risk.
Peter Lucas, MBA
Ted Dziekanowski
#audit #cybersecurity #cyberriskmanagement #governance #compliance #regulation #legal
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