Abstract
The rise in cybercriminal activities in recent years has sparked concern about the costs of technological advancement and the growing reliance of humans on technology. The seriousness of this situation in the business world is indeed more noteworthy and more prominent than other areas, prompting many people to wonder how external auditors – who are responsible for identifying any accounting flaws – will respond to cybersecurity-affected businesses – the ones which can make an honest effort to mask and conceal their difficulties and challenges from their investors and stakeholders. Consequently, the aim of this study is to search whether external auditors focus harder on cybersecurity-attacked firms and businesses by charging higher audit fees. The study found a positive correlation between audit fees and breach employing a sample of 100 global small-, medium-sized, and large businesses. This indicates that external auditors find more risks and spend more effort while auditing cybersecurity-attacked businesses.
Highlights
Since the beginning of the 21st centuries, the world has been experiencing a large number of severe cyber criminals which demonstrates the fact about the growing dependence of human beings on the usefulness of technological advance
The severity of this situation in the business world is even greater and greater than other fields, which leads many people raise a question about the response of external auditors – the ones who are responsible for detecting any accounting faults – towards cybersecurity-attacked companies – the ones which can try their best to hide their difficulties from their investors and stakeholders
The cyber-attacked company will have a tendency to hide any bad information or terrible consequences related to their cyber-attacks, which leads people to feel curious about the role of external auditors in the case of auditing a cyber-attacked companies – whether external auditors are put under much pressure to detect any faults of these companies, which forces them to charge a higher fees for their higher auditing efforts
Summary
Since the beginning of the 21st centuries, the world has been experiencing a large number of severe cyber criminals which demonstrates the fact about the growing dependence of human beings on the usefulness of technological advance. The severity of this situation in the business world is even greater and greater than other fields, which leads many people raise a question about the response of external auditors – the ones who are responsible for detecting any accounting faults – towards cybersecurity-attacked companies – the ones which can try their best to hide their difficulties from their investors and stakeholders. The cyber-attacked company will have a tendency to hide any bad information or terrible consequences related to their cyber-attacks, which leads people to feel curious about the role of external auditors in the case of auditing a cyber-attacked companies – whether external auditors are put under much pressure to detect any faults of these companies, which forces them to charge a higher fees for their higher auditing efforts
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