What harm does this hacking incident do to the firm?

2. Should the firm disclose the hacking incident to the public?Why do you think so?

Why did the audited financial report of Alpha in 2020 not make any reference to the hacking incident, the resulting activity and financial loss?

3. How and why are IT controls relevant to financial reporting? Discuss the potential impacts of both IT General Controls and IT Application Controls.

4. Which internal control weaknesses allowed the hacker to break into IT systems of Alpha? How can they be fixed? You can discuss both IT and non-IT control weaknesses

Answer rating: 100% (QA)

1 The hacking incident can cause significant harm to the firm in various ways Financial Loss The firm may suffer financial losses due to theft of sensitive information disruption of operations or thef... View the full answer