How Auditors Assess Cyber Risks

Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While conducting [...]

By |2021-03-22T12:59:54-04:00March 19th, 2021|Categories: Audit, Blog, Technology|Tags: , , , , |Comments Off on How Auditors Assess Cyber Risks

Footnote Disclosures: The Story Behind the Numbers

The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed business and investment decisions. Here are four important issues that you [...]

By |2021-01-29T12:43:11-05:00January 29th, 2021|Categories: Audit, Blog|Tags: , , , , , , , |Comments Off on Footnote Disclosures: The Story Behind the Numbers

Assessing and Mitigating Key Person Risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes incapacitated or dies, [...]

By |2021-01-15T13:38:47-05:00January 15th, 2021|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Assessing and Mitigating Key Person Risks

Prevent And Detect Insider Cybercrime Schemes

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to [...]

By |2020-12-29T13:02:29-05:00December 29th, 2020|Categories: Blog|Tags: , , , , |Comments Off on Prevent And Detect Insider Cybercrime Schemes

Year-End SWOT Analysis Can Uncover Risks

As your company plans for the coming year, management should assess your strengths, weaknesses, opportunities and threats. A year-end SWOT analysis identifies what you’re doing right (and wrong) and what outside forces could impact performance in a positive (or [...]

By |2020-12-07T12:24:12-05:00December 7th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Year-End SWOT Analysis Can Uncover Risks

How Effectively Does Your Business Manage Risk?

From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace. While some level of risk is inevitable when operating a business, proactive owners and executives apply an enterprise risk management (ERM) framework [...]

By |2020-10-30T12:22:17-04:00October 30th, 2020|Categories: Audit, Blog|Tags: , , |Comments Off on How Effectively Does Your Business Manage Risk?

5 Common Mistakes to Avoid Before Starting a SOC 2 Audit

A SOC 2 compliance report can be a powerful tool in demonstrating your company’s commitment to securing your customers’ data. Still, several common mistakes or misunderstandings can make the audit process more complicated, lengthier, and more expensive. A SOC [...]

By |2021-03-08T20:17:34-05:00October 14th, 2020|Categories: Blog, System and Organization Control, Technology|Tags: , , , |Comments Off on 5 Common Mistakes to Avoid Before Starting a SOC 2 Audit

3 Steps To “Stress Test” Your Business

During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business. [...]

By |2020-10-02T17:05:46-04:00October 2nd, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , , |Comments Off on 3 Steps To “Stress Test” Your Business

5 Common Pitfalls of a Risk Assessment

5 Common Pitfalls in Risk Assessments What to avoid and how to maximize effectiveness  The corporate scandals of Enron, WorldCom and Tyco in the early 2000s have forever changed the way management and investors view risk management programs. Circumventing [...]

By |2017-06-28T16:50:18-04:00June 28th, 2017|Categories: Blog, Consulting, Internal Audit|Tags: , |Comments Off on 5 Common Pitfalls of a Risk Assessment
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