MASTERING COMPLIANCE: A COMPREHENSIVE REVIEW OF REGULATORY FRAMEWORKS IN ACCOUNTING AND CYBERSECURITY

MASTERING COMPLIANCE: A COMPREHENSIVE REVIEW OF REGULATORY FRAMEWORKS IN ACCOUNTING AND CYBERSECURITY

January 2024 | Temitayo Oluwaseun Abrahams, Sarah Kuzankah Ewuga, Simon Kaggwa, Prisca Ugomma Uwaoma, Azeez Olanipekun Hassan, Samuel Onimisi Dawodu
This paper provides a comprehensive review of regulatory frameworks governing both accounting and cybersecurity, aiming to offer valuable insights for practitioners, policymakers, and scholars. It examines the historical evolution of these frameworks, including key milestones and paradigm shifts, and explores the synergies and dissonances between financial reporting in accounting and the safeguarding of digital assets in cybersecurity. The study delves into prominent global regulatory bodies such as the Financial Accounting Standards Board (FASB), International Financial Reporting Standards (IFRS), ISO 27001, and the NIST Cybersecurity Framework. It also investigates the challenges and opportunities presented by emerging technologies like blockchain, artificial intelligence, and cloud computing in the context of regulatory compliance. Through real-world case studies and industry best practices, the paper offers practical guidance on navigating the complex terrain of compliance in an era of digital transformation. The thesis emphasizes the importance of a holistic and forward-looking approach to regulatory frameworks, fostering a proactive and adaptive strategy for compliance in the dynamic business environment.This paper provides a comprehensive review of regulatory frameworks governing both accounting and cybersecurity, aiming to offer valuable insights for practitioners, policymakers, and scholars. It examines the historical evolution of these frameworks, including key milestones and paradigm shifts, and explores the synergies and dissonances between financial reporting in accounting and the safeguarding of digital assets in cybersecurity. The study delves into prominent global regulatory bodies such as the Financial Accounting Standards Board (FASB), International Financial Reporting Standards (IFRS), ISO 27001, and the NIST Cybersecurity Framework. It also investigates the challenges and opportunities presented by emerging technologies like blockchain, artificial intelligence, and cloud computing in the context of regulatory compliance. Through real-world case studies and industry best practices, the paper offers practical guidance on navigating the complex terrain of compliance in an era of digital transformation. The thesis emphasizes the importance of a holistic and forward-looking approach to regulatory frameworks, fostering a proactive and adaptive strategy for compliance in the dynamic business environment.
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