Exploring the world of cybersecurity

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Exploring the world of cybersecurity, we often fail to realize the full implications of a cyber-attack associated with cybercrime. Who would have jurisdiction in a cybercrime? How would an investigation be performed based on the type of attack? Provide an example.

 

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  • Consolidating every aspect of a business’s dealings into one set of statements, financial reports allow the world to analyze and interpret every aspect of a company’s dealings. These statements include the income statement, the balance sheet, and the statement of cash flows.

    The income statement summarizes the totals of revenues and expenses, calculating net gain or loss for a period. The balance sheet shows the current calculated or estimated values of a company’s assets, liabilities, and owners’ equity. This statement does not summarize a period like the income statement but rather provides a snapshot of a company’s current financial position. The statement of cash flows contains all sources and uses of a firm’s cash supply during a period and explains liquidity of a business.

    Using values from these statements, a reader can calculate certain financial ratios that help compare and contrast companies. The ability to correctly create and interpret these statements is vital for an accounting professional because succeeding in the industry requires communication through these means. This vocabulary may take years of education and/or training to perfect, as there are many small nuances in financial statement terminology. Failure to comprehend the common acronyms found in these statements can significantly hinder one’s ability to make sense of the financial statements and confidently assess a company’s future potential. These include, but are not limited to:

  • Dr (debit) – a numerical entry to the left side of the balance sheet
  • Cr (credit) – a numerical entry to the right side of the balance sheet
  • ROI (return on investment) – measures the amount of return on an investment relative to the investment’s cost
  • PV (present value) – the current worth of a future sum of money or cash flows given a specified rate of returnProfessional Discourse Communities within the Accounting IndustryThere are many discourse communities that members of the accounting industry belong to, but the most significant one for public accountants is the American Institute of Certified Public Accountants (AICPA), which represents the CPA profession nationally. The organization educates its members in the form of daily columns and newsletters. In addition, it develops and grades the CPA Exam and enforces compliance with the profession’s ethical standards (AICPA, n.d.). The AICPA provides guidance in setting new rules and standards for the industry and serves as the profession’s advocate before legislative bodies, public interest g

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