IAASB New FAQs: Risk of overreliance on technology
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
The IAASB (International Auditing and Assurance Standards Board) have published a new FAQ (Frequently Asked Questions) document on the risk of overreliance on technology and potential automation bias when conducting an audit.
This publication is a useful support tool and highlights the impact of technology when applying certain aspects of the International Standards on Auditing (ISAs). It focuses on specific considerations when using the capabilities of automated tools and techniques (ATT) and when using information produced by the entity’s systems. In particular, this FAQ considers how the auditor can address automation bias and the risk of overreliance on technology when using ATT and when using information produced by the entity’s systems.
The IESBA Code of Conduct was revised in October 2020 in respect of the Role and Mindset expected of professional accountants, and these FAQs specifically address automation bias.
This webinar will provide an overview of this useful tool by discussing the contents of these FAQs, and by acknowledging the possibility, understanding potential biases and recognizing the causes, which are the first steps in addressing the risk of overreliance on technology and potential automation bias when conducting an audit.
Join our technical expert Lettie Janse van Vuuren CA(SA) on 30 April 2021 from 10:00 a.m. to 12:00 p.m. as she unpacks these FAQs and considerations in an understandable format.
Learning objectives
By the end of this event the attendee will:
- Understand the impact of ever-changing technology when applying certain aspects of ISAs;
- Understand what automated tools and techniques are;
- Understand what automation bias is with reference to the revised IESBA Code of Conduct;
- Understand how to address the risk of overreliance on technology; and
- Have access to the full IAASB publication.
Content
The webinar will cover the following topics:
- Overview & introduction.
- What are ATT?
- Using ATT in applying aspects of ISAs.
- Automation bias linked to the IESBA Code.
- Working through FAQs and answers.
- Addressing the risk of overreliance:
- Implementing policies and procedures.
- Designing or tailoring tech resources.
- Enhanced training.
- Building awareness and leveraging behavioural motivators.
- Access to the IAASB publication.
