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Ethical Impacts of Major Technological Transformations on the Accountancy Profession
- 11 January 2023
- CIPC
- South African Accounting Academy
Building on the February 2020 Phase 1 Report, the Report documents the impacts of disruptive and transformative technologies on the work of professional accountants, and provides extensive analysis and insights into the ethical dimension of those developments. The report also discusses the relevance and importance of the overarching principles and specific provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) in laying out the ethical guardrails for professional accountants as they face opportunities and challenges in their work as a result of rapid digitalization.
The Report surveys the technology landscape and summarizes the outcomes of the Working Group’s fact-finding into the ethics implications of innovative technologies such as artificial intelligence, blockchain and cloud computing. It explores -- through the ethical lens -- various related issues, including data governance, cybersecurity, and reliance on, or use of, experts, and provides insights into those issues and the questions they raise. The Report includes ten recommendations which the IESBA will further consider, some of which it is already addressing in developing technology-related revisions to the Code.
Click here to download the Report:
Relevance to Auditors, Independent Reviewers & Accountants:
- Adherence with our Code of Conduct is crucial in the performance of our duties.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the IESBA.
- The Code requires Professional Accountants (PAs) to comply with the fundamental principle of professional competence and due care. The Code also requires PAs to comply with the fundamental principle of professional behavior, which in turn requires PAs to comply with relevant laws and regulations.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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