Please forward this error screen to sharedip-aicpa investment company guide. Auditors have always played an important role in society. And as communities’ needs have grown, so too have the services auditors provide. I am proud to represent the auditing profession.
Businesses big and small are faced with cyberattacks every single day. As a result, organizations are facing increasing pressure to demonstrate that they are managing cybersecurity threats, and that they have effective processes in place to safeguard personal information and respond to these types of attacks. The profession anticipated and was ready for this this need. Earlier this year, the AICPA released its Cybersecurity Risk Management Reporting Framework to help organizations of all sizes and in all types of industries take a proactive approach against cyberattacks. Of course, organizations need to be aware not only of their own cybersecurity efforts, but also those of their vendors.
Issues with vendor controls, for example, contributed to Yahoo’s massive breach that resulted in more than 500 million user accounts being compromised. Here, too, the profession is ready to help fight back. In today’s world, it seems no company or individual is immune from cyberattacks. But auditors are fighting back and helping businesses protect sensitive information. Auditors are also helping protect their communities by assuring information related to environmental, social and governance practices. Sustainability reporting is becoming more prevalent as organizations start to feel pressure from investors and customers to show that they are meeting goals related to greenhouse gas emissions, water consumption, ethical labor practices, workforce diversity, corporate philanthropic initiatives and more. In response, the AICPA released a new guide in June to help auditors perform examinations and reviews of sustainability information.
Auditors can help make sure that companies live up to their promises. Just as the public is demanding assurance on more types of information, organizations are demanding more information about their business operations, period. And they want it faster than ever before. Here, too, auditors are stepping up. This has the potential to transform the way financial statements are audited, making them more effective and efficient. Additionally, audit data analytics can be used at every phase of the audit.
They can provide auditors with insights into past information and the cause of those past results, foresight into what might happen next, and offer a better understanding of what steps organizations should take in the future. In other words, audit data analytics allow CPAs not just to identify what happened, but also why it happened, and what companies should do next. In this way, CPAs are using the latest technologies to provide end users with more information than ever before, faster than ever before. Coffey, CPA, CGMA on Sep 27, 2017 in Auditing, Susan S. Please review our Comment Policy before posting. Tax Reform in the 115th Congress? Huge losses suffered by investors in alternative assets during the financial crisis have pushed to the forefront a previously opaque part of the investment universe: the valuation of complex and illiquid assets held by hedge funds.