Compliance audits and financial audits are different animals calling for different skill sets. Level 2 Legal’s Leigh Vickery explains why your organization might not want to choose a Big Four firm.
Compliance is a top concern in the business world and an area of increasing concern for corporate board members, executives and legal departments. While privacy is certainly not the only compliance issue facing enterprises today, intense media coverage of the EU’s General Data Protection Regulation (GDPR), which became enforceable two years ago, and the California Consumer Privacy Act (CCPA), which became law this year, has created a new sense of urgency. Concerns around privacy violations on Zoom and other videoconferencing platforms during COVID-19 and massive data breaches at major brands have only heightened the anxiety.
As more states make plans to update their own privacy regulations, compliance officers and internal stakeholders are rightfully concerned about the potential legal, financial and reputational risks of mismanaging data containing personal information. Many recognize this may not be a problem they can solve on their own and are wisely seeking outside expertise. Meanwhile, the Big Four accounting firms are offering enterprise legal services to corporate law departments and, in effect, have…
