ACCT 620: Cyber Accounting: Management and Compliance

ACCT 620: Cyber Accounting: Management and Compliance
I. Title: Target Corporation
II. Introduction
After a few years as an internal auditor, you decide to go back to consulting. Luckily, you’re hired as a cyber accountant by Sweeting International Consulting, Inc. Your boss, a former Naval officer, tasked you with assessing a hacking attack and data breach that occurred at Target, Inc. The attack occurred in the fourth quarter of 2013 and it is disclosed in the 2014 annual report.
After retrieving Target’s 2014 annual report, you plan to review the inter¬relationships between the domains of accounting systems, information security and cybersecurity. Your boss (professor) instructs you to pay particular attention to the March 13, 2015 Report of Management and the Audit Report prepared by EY (formerly Ernst & Young), which was the Independent registered public accounting firm that performed the 2014 audit of Target, Inc.
Given your previous experience as an internal auditor, you’re feeling pretty confident in your knowledge of auditing and internal auditing standards. Nonetheless, your boss reminds you of auditing concepts relevant to this case. You listen intently and take notes as he describes what to look for in order to prepare the report he requested. At the end of the discussion, you review the notes you took while he was talking:
• Confirm the names and titles of those who signed the Management Representation Letter
• Review what the signers of the Annual Report said about the: o data breach,
o adequacy of internal controls, and the
o impact on shareholders’ investments and earnings.
• Determine whether EY provided a basis for their audit opinion and whether you agree or disagree with their audit opinion.
o Like all other audits, the EY Audit report will include an audit opinion. The opinion states whether the company’s financial statements present its financial position, results of operations, and cash flows in accordance with U.S. GAAP.
o Auditors may issue (only) the following four opinions:
• Unqualified opinion (also referred to as Unmodified)
• Qualified opinion
• Adverse opinion, or a
• Disclaimer of opinion.

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