The Center for Audit Quality (CAQ) released a new resource providing a framework and questions audit committees may be asking as new technologies impact the financial reporting process. The publication, “Emerging Technologies: An Oversight Tool for Audit Committees,” based on the work of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), has five key components:
- Understand the company’s emerging technology strategy and any specific technologies contemplated
- Understand management’s risk identification and assessment process
- Understand the control activities in place that respond to the identified risks
- Establish information and communication protocols
- Monitor emerging technology activities
Read more at the CAQ website.