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This is the first publication in Southeast Asia that provides guidance on cybersecurity risk considerations in a financial statements audit. Cybersecurity risk is a business threat that has become increasingly common recently, posing immense challenges to entities in the current business environment.
This publication provides financial statements auditors a guide in identifying and assessing cybersecurity risk, as well as the appropriate responses to the risks identified.
With this guide, we aim to equip audit professionals with knowledge in an area that will grow increasingly important in the future economy. Cyber criminals have evolved from targeting computer systems and networks to breaching buildings, factories and safety controls systems through the embedded computer and communication chips.
Increasingly, cyber risks, are becoming pervasive and are causing an impact on financial line items treatment. This would need to be considered when we perform financial statement audits.
The publication also provides more insights on how auditors should take cybersecurity risk into account as part of risk assessment during audit planning. It provides the appropriate response to any risk identified or cyber incidents that have happened as well as those that were detected or suspected as a result of the audit.
And it highlights the need for auditors to maintain their professional scepticism and be cognisant that breaches may have occurred but remained undetected. Increasing Importance of Assessing Cybersecurity Risk According to the publication, smaller businesses face just as much, if not higher risk of cyber attacks as compared to larger businesses, as they may lack the resources to have a robust infrastructure to fend off or detect these cyber attacks.
As seen in the WannaCry cyber attacks, vulnerable firms could face massive financial repercussions.· Resource:Ch. 2 of Understanding Financial Statements,and Ch. 1 PowerPoint® (pp. , , and ) · Searchthe Internet for the financial statements of. View Assessing Financial Statements from ACC at University of Phoenix.
Assessing Financial Statements Week one Monica J. Estrada ACC June 21, Brenna Wright In . ACC ENTIRE COURSE | Phoenix UniversityWEEK 1ACC Week 1 Individual Assignment Assessing Financial StatementsResources:Ch.
2 ofUnderstanding Financial Statementsand Ch.
1 PowerPoint®(pp. , , and )Searchthe Internet for the financial statements of your favorite company or your employer. Acc – financial reporting peeking under the financial hood – complete class includes all dqs, in Acc – financial reporting peeking under the financial hood – complete class.
Preface Analysis and Uses of Financial Statements is designed for interested parties who must understand how to read, interpret, and analyze financial statements.
This course describes in clear, concise, and. snaptutorial is a online tutorial store we provides ACC Week 1 Checkpoint Financial Statements.