Regulators and in this case investors, seem to be taking active oversight of audit firms, highlighted by this judgement.

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Regulators and in this case investors, seem to be taking active oversight of audit firms, highlighted by this judgement. KMPG were order to pay $231mn following a claim by investors of poor audit practice.

At a time when we see increased cyber regulation requiring appropriate oversight and assurance by boards, that include public organizations. The 3 Line model of risk owner, risk oversight and risk assurance, cannot be under estimated. Boards will require both internal and external oversight and assurance of their cybersecurity risk management demonstrated through corporate governance.

With regulators scrutinizing the audit profession, one wonders if cyber will be one area of focus, especially given its impact on national security and systemic risk?

Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA Rachel V. Rose, JD, MBA

#audit #cybersercurity #cyberriskmanagement

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