Internal auditors reiterate that cyber security is the biggest risk faced by their companies.

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Internal auditors reiterate that cyber security is the biggest risk faced by their companies. But lets not forget that it’s also one of the biggest issues from an external audit perspective to. If you’re listed in the US you’ll have SoX to contend with and cyber poses a material issue to most companies.

The PCAOB, the accounting body set up by US Congress and who set audit standards for public accounting firms, recently met to discuss cyber. (https://lnkd.in/eHHyVGD) Discussing the role of the auditor in the oversight of the impact of cyber on the preparation of financial statements.

Section b is well worth a read. I think it sets the direction of travel for the financial audit community and cyber. Assessing the impact of risks of material mis-statements which form part of existing standards and cyber clearly falls into this category.

The volume of cyber regulation is increasing, financial market sentiment is changing, the insurance industry is clarifying its position. I think it’s only a matter of time before cyber is formalised into standards for financial audit, other than assessing a limited scope for SoX.

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