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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.