Cyber crime has emerged as a leading financial and operational risk for organizations of all sizes in all sectors. “With that in mind, the American Institute of CPAs (AICPA) is taking a multifaceted approach to cybersecurity through the work of the Assurance Services Executive Committee and the Center for Audit Quality. This work will allow CPAs to take a leadership role,” AICPA President and CEO Barry C. Melancon, CPA, CGMA, explains in a new video.
The U.S. Securities and Exchange Commission has acknowledged publicly that the accounting profession’s experience with integrating data, reporting and assurance puts CPAs in a unique position to assist organizations as they address their cybersecurity concerns. “But this is not just a public company issue,” said Melancon. “It affects businesses of all types, shapes, and sizes.”
The AICPA is already seeing explosive growth in the need for cybersecurity-related services that build on the foundation for Service Organization Control, or SOC, reports. “This demand is driven by market forces, not a government mandate. And the market is asking us to do more, from both the advisory and assurance perspectives,” Melancon observed.
In response to the cyber challenge, the AICPA is taking action on many fronts. In particular, the Congressional and Political Affairs Team is closely monitoring cyber-related legislative and regulatory developments in our nation’s capital so it can respond appropriately and keep members informed. The Institute also is developing timely tools and education for CPAs to successfully address risk in a number of areas, as well as exploring how the profession can address cybersecurity as a natural extension of the platform of services CPAs already perform.
For more information, visit the AICPA’s Cybersecurity Resource Center.