ACCA comments on the consultation paper issued by the International Auditing and Assurance Standards Board (IAASB) on Exploring the Growing Use of Technology in the Audit, with a focus on Data Analytics.
ACCA welcomes the opportunity to comment on the consultation paper issued by the International Auditing and Assurance Standards Board (IAASB) on Exploring the Growing Use of Technology in the Audit, with a focus on Data Analytics.
The IAASB's consultation paper aims to inform stakeholders about the IAASB’s on-going work to explore effective and appropriate use of technology in the audit of financial statements, with a particular focus on data analytics, and to seek feedback as to whether all the relevant considerations related to the use of data analytics in a financial statement audit have been identified.
ACCA considers this consultation paper to be a helpful contribution to the debate on how emerging technologies could be integrated with existing auditing standards in a way that supports continuing innovation in audit.
In this context, ACCA has made some additional suggestions of issues that the IAASB could consider in its ongoing work in this area, such as how to address the expectation gap created by claims of '100% testing'.
Our additional points and detailed comments in respect of the specific questions within the discussion paper are set out in the attached document.
Members of ACCA's Audit and Assurance Global Forum have considered the matters raised and their views are represented in ACCA’s comments.