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Cybersecurity Tools for CPAs
In a speech at Baruch College’s 18th Annual Financial Reporting Conference, PCAOB member Kathleen Hamm stated: “Technology offers the promise of combining increased efficiencies with improved effectiveness, resulting in enhanced audit quality” (May 2, 2019, http://bit.ly/2HNfgxa). Emerging technologies, however, also contain potential threats from coding errors, unintended bias, and unauthorized access, and Hamm highlighted a recent SEC study of nine public companies victimized by cyberfraud. The PCAOB is definitely considering the implications of cyberrisks on the audit process. For example, a June 2018 PCAOB Standing Advisory Group meeting on cyber-security discussed recent high-profile cyberevents, as well as new audit industry guidance, including the AICPA Center for Audit Quality and cybersecurity resources (http://bit.ly/2EMsfh3). The Staff Preview of Inspections indicated that approximately 10% of PCAOB audit inspections in 2018 featured cybersecurity incidents during the audit period, although not all had a financial statement impact.
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