Ready to learn about cybersecurity to help your clients or business? The pandemic, and corresponding increase of eCommerce and internet use, have created many opportunities for cyber thieves — data breaches increased 273% in the first quarter of 2020.
But opportunities are also being created for you. It’s anticipated that the cybersecurity market will be worth $248 billion by 2023, providing a unique opening for CPAs.
CPAs are trusted advisers. Your qualifications as a CPA, along with a shortage of cybersecurity experts, put you in a prime position to lead businesses in their cybersecurity efforts.
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With COVID-19 changing everyone’s world, firms must develop new ways to work internally and with clients. If you are used to going over the audit report with clients in the office, what’s your plan? If your audit team usually conducts the audit at the client’s office, what’s your plan?
Fortunately, technology enables firms such as yours to continue to offer personalized, exceptional service without being in the same physical space as your client. You don’t even need your team to be together in one office to deliver efficient, high-quality work.
What will it take to get it right in the long run? Here are three tips to get you going:
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If you’re an auditor, you should be excited about the many opportunities that the digital era creates for your profession. Sue Coffey, CPA, CGMA, Executive Vice President, Association of International Certified Professional Accountants — Public Practice, and Erik Asgeirsson, President and CEO, CPA.com, share how the profession is reimagining the audit and what this means for you.
1. What’s changing in the audit area? What opportunities is technology bringing?
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Imagine you’re at work on a typical Monday morning. Suddenly, an email from the CEO hits your inbox. It’s marked ‘urgent,’ so you open it right away. She needs you to wire $15,000 to one of your regular vendors ASAP. You make the wire transfer, and head to the break room to refill your coffee. There’s just one problem – that email wasn’t really from your CEO. And that bank account where you sent the funds? That’s not your vendor’s account. You just sent thousands of dollars to a cyber criminal. Uh oh.
It’s a scheme called executive impersonation, a type of business email compromise (BEC) scheme mentioned in an SEC alert issued last month. Unlike a typical scam email, which may have poor grammar or overly suspicious requests, BEC scams are convincing because the criminals spend time figuring out the corporate culture and common phrases and terms used by employees. CPAs should take note, because scammers could try to perpetrate a similar fraud against their small business clients.
Continue reading "5 tips to help small business clients prevent cyberfraud" »