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By Steven Marcy
The American Institute of CPAs has created a “risk-management reporting framework” intended to provide a common language for describing cybersecurity risks that companies confront and how they intend to overcome them.
The voluntary framework would help companies inform investors of efforts to guard against cybersecurity risks and the effectiveness of those efforts, AICPA said April 26.
Susan Coffey, AICPA’s executive vice president for public practice, said accountants can use the framework to report on the controls that management has over efforts to combat cybersecurity. Accountants could use the framework to report on the accuracy of management’s description of the controls and their effectiveness, she said.
The AICPA said the framework has three main areas:
“We believe investors, boards, audit committees and business partners will see tremendous value in gaining a better understanding of organizations’ cybersecurity risk management efforts,” Coffey said. “That information, combined with the CPA’s opinion on the effectiveness of management’s efforts, will increase stakeholders’ confidence in organizations’ due care and diligence in managing cybersecurity risk.”
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The cybersecurity reporting framework is available at http://www.aicpa.org/InterestAreas/FRC/AssuranceAdvisoryServices/Pages/AICPACybersecurityInitiative.aspx.
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