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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.