CATEGORIES
- (4) Negotiating Tax Debt and Payment Arrangements with SARS
- (2)Account / Profile
- (551)Accounting
- (2)Accounting and Finance
- (29)Audit
- (156)Auditing and Assurance
- (1)Business
- (1)Business Management
- (3)Business Rescue
- (102)CIPC
- (7)Compliance
- (18)Ethics and Professionalism
- (46)Financial Reporting
- (1)Government Funding Applications
- (4)Guides
- (1)Individuals Tax
- (28)Law
- (37)Legal and Compliance
- (2)Management
- (13)Miscellaneous
- (29)Money Laundering
- (1)Personal & Professional Development
- (2)Practice Management
- (2)Professional Ethics
- (3)Public Sector
- (145)Regulatory Compliance and Legislation
- (41)SARS Issues
- (29)Sustainability Reporting
- (42)Tax
- (1)Tax Update
- (9)Technology
- (1)Wills, Estates & Trusts
- Show All
8 Actions to Embrace Technology and Innovation
- 28 October 2024
- Auditing and Assurance
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has issued a Position Statement that outlines how they will integrate technological advancements into its standard-setting activities to ensure that its standards remain relevant, effective, and aligned with the public interest.
Article:
In an era where technology is rapidly transforming the landscape of external reporting, the IAASB has reaffirmed its commitment to staying at the forefront of these changes with the adoption of a comprehensive Technology Position Statement.
This Position Statement also clarifies the IAASB’s new position, which includes:
- Embracing innovation in audit and assurance while ensuring that its standards evolve with the changing environment.
- Removing barriers in existing standards that may prevent using advanced technologies.
- Introducing new requirements and guidance to help practitioners apply technology-enabled procedures effectively.
IAASB’s Actions to Navigate the Technological Landscape
The Statement includes 8 key actions detailing how the IAASB will deliver on its new technological commitment:
- Embrace Technology-Driven Innovations
- Remove Barriers in the Standards, Real or Perceived, to Practitioners Using Technology
- Introduce Requirements and Application Material Relating to Using Technology in Engagements
- Address the Impact of Technology Used by Reporting Entities
- Strike the Right Balance When Referring to Opportunities and Risks Associated with Technology
- Align with Principles of Ethics and Ethical Requirements
- Ensure Scalability and Proportionality
- Convene Stakeholders and Foster Ongoing Engagement
The following is set out in their Technology Position Statement:
- The IAASB's Technology Position - which is built on a conceptual framework composed of 3 key components
- Commitment to the Public Interest and Enhancing Engagement Quality
- Operationalizing the Technology Position
The IAASB is also developing a feedback mechanism to allow stakeholders and partners to provide feedback and insights, including any challenges they encounter when using existing standards and materials.
Access the 8 Guiding Actions at https://www.iaasb.org/publications/technology-position-statement-8-guiding-actions
Click here to download the Technology Position Statement:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor, independent reviewer and accountant, you need to be aware of the latest publications and media releases by standard-setters and regulators, e.g. the IAASB – especially in respect of technology and innovation.
Relevance to Your Clients:
- Interest parties and other stakeholders should be aware of the latest publications by the IAASB, as they might find this interesting – with its main focus on the public interest.