David W. Tate, Esq. – Litigation and Trials; D&O, Boards and Audit Committees; Liability; Duties; Risk Management; Compliance; Investigations; Accountants, Auditors & Practices; Insurance Coverage & Bad Faith; Accountings; Public Companies, Private Companies (Closely Held and Family Owned), Nonprofits & Governmental Entities. My Other Blog-http://californiaestatetrust.com-Trust, Estate, Conservatorship And Elder Abuse Litigation, And Administrations. San Francisco/California.
Tate comment: currently I’m just passing this along. Evaluation and comments will follow. Norman certainly indicates that this is an important paper by IFAC. How, if at all, might it impact, add to, or create a standard of care or process for risk management including auditor evaluation and/or audit committee or risk committee oversight? More to follow. Dave Tate, Esq. (San Francisco / California)
Click on the link, which contains a short JD Supra update from Wilmer Hale discussing KPMG’s 2015 Global Audit Committee Survey. The survey is long and contains useful information (over 80 pages). I am making this post because of the discussion about audit committees being given responsibility for cybersecurity oversight. That’s fine, but I suggest that the overall board still must be actively involved in this oversight, you need to be sure that the audit committee members are qualified and have the time to take on this area of oversight, and the audit committee members and other stakeholders should have a good understanding about just what the oversight involves and how the committee should go about that oversight.
As we all know, cybersecurity is an important area of oversight that can significantly effect all businesses. Enjoy.
Why is this important? Well . . . if you are an accountant who performs review and compilation services, it should be important to you. And if you are someone who depends on information and representations provided in reviews or compilations, it should be important to you, if you care to know whether a compilation or review provides you with any useful information. Speaking of the subject, I never hear anyone discussing whether a quarterly review for a public company provides any useful information. I believe that at least in theory they do, but, if not, then why continue with the expense? Dave Tate, Esq. (San Francisco)