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26 November 2019


As part of the IAASB’s technology focus, this is the second in a series of publications that provides an update on efforts to appropriately address the technology related issues in recently and soon-to-be issued standards and EDs. It also includes additional relevant news and information on technology in audit, and recent technology working group activities.

The IAASB noted the importance and pressing need for the development of non-authoritative guidance to address the impact of technology when applying certain aspects of the ISAs.

To facilitate this process, the TWG established a Technology Workstream Plan (TWP) that broadly sets out the process for identifying, developing and issuing such non-authoritative guidance. The TWP also outlines a preliminary listing of topics (including targeted publication dates) for which there is an opportunity for an immediate response through developing non-authoritative guidance, and includes:

• The impact of new technologies on the auditor’s documentation

• The question about whether an automated audit procedure can be both a risk assessment procedure and a substantive procedure

• How the nature and number of sources of information affects planning and performing substantive analytical procedures, in particular with the use of data analytic tools.

Full publication on IFAC


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