This submission is made jointly by Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA) under our strategic alliance
We are generally supportive of the proposed revisions for technology-related services in the Code. We support a principles-based Code that has broad applicability to the accounting profession
We note that the ED focuses on the potential threats from the use of technology. While we recognise that the use of technology can pose threats, we would also encourage consideration of the opportunities that technology can bring, for example in aiding professional judgement and enhancing compliance with the fundamental principles, and hence the potential threats that could arise from not using technology in certain circumstances.
We note that the proposed changes at paragraphs 113.1A1 regarding skills and 120.13 A1 to A3 regarding complexity, may not be seen by users of the Code as technology related revisions to the Code.
We recommend that the IESBA highlight these proposed general changes to the Code in the Basis for Conclusions so that users are made aware that the proposed changes are not exclusively related to technology.
To read the full response, please download the PDF submission document.