The International Auditing and Assurance Standards Board (IAASB) is pleased to announce the adoption of a new Technology Position that will guide how the IAASB adapts its work to embrace the intersection of audit, assurance, and technology. This new position marks a significant step forward in the IAASB’s ongoing commitment to enhancing the quality and relevance of its standards in the face of rapid technological advancement.

“The pace of technological change presents the audit and assurance profession with opportunities and challenges. Our new Technology Position reflects the IAASB’s commitment to ensuring our standards evolve alongside these developments. We are setting a course that promotes innovation while safeguarding quality and consistency in audits and assurance globally,” said IAASB Chair Tom Seidenstein.

The Position’s Three Components

The Position is structured around three key components:

• Technology Position Statement: The Statement outlines the IAASB’s commitment to facilitate and encourage the use of technology by practitioners and firms, ensuring the standards remain relevant and effective. The Statement also articulates how the IAASB will deliver on this commitment, including embracing technology-driven innovations and removing barriers in its standards to technology adoption.
• Operationalizing the Technology Position: This component details the IAASB’s strategy for implementing the Statement by identifying opportunities for new or revised standards, along with developing non-authoritative materials and guidance. The IAASB is currently conducting a gap analysis to ensure current standards align with technological advancements.
• Monitoring and Adapting to Technological Trends: The IAASB will continually monitor technological trends to ensure its standards are adapted and remain aligned with the rapidly changing landscape.

By embracing innovation and continuously adapting to technological advancements, the IAASB is ensuring that its standards not only meet today’s demands but also anticipate the challenges of tomorrow. This forward-thinking approach will enhance audit quality, safeguard public trust, and support the evolving needs of practitioners and firms worldwide.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

This new Technology Position will guide how the IAASB adapts its work to embrace the intersection of audit, assurance, and technology. This new position marks a significant step forward in the IAASB’s ongoing commitment to enhancing the quality and relevance of its standards in the face of rapid technological advancement.

The Position is structured around three key components:

Dr. MIM. Riyath is a Senior Lecturer in the Department of Accountancy and Finance, South Eastern University of Sri Lanka. With a Bachelor’s Degree from the South Eastern University of Sri Lanka, and a Master’s Degree from the University of Sri Jayewardenpura, he has obtained his PhD from the Sabaragamuwa University of Sri Lanka. He is also a Fellow Member of the Institute of Certified Management Accountants of Sri Lanka, and a Member of the Institute of Chartered Professional Managers. As a member of the Integrated Reporting evaluation panel and the Journal Committee, Dr Riyath maintains a close association with CMA Sri Lanka. He has published widely, presented papers in local and overseas conferences, and works in close collaboration with EU-funded projects.   

Dr. Nikhil Chandra Shil, FCMA, is a professor at East West University (EWU). Before joining EWU, he has worked at American International University - Bangladesh and Daffodil International University. He also worked as a guest lecturer at the Bangladesh University of Engineering and Technology and the Institute of Cost and Management Accountants of Bangladesh (ICMAB). He has obtained his BBA and MBA degree with a concentration in accounting and information systems from the Department of Accounting and Information Systems at the University of Dhaka. He has done his Ph.D. from the same department. He is a fellow member of ICMAB, associate member of Chartered Institute of Management Accountants (CIMA), UK, a Chartered Global Management Accountant (CGMA), and a professional member of Chartered Institute of Public Finance and Accountancy (CIPFA), UK. He has several publications in local and international journals and editorial books. He has attended various national and international seminars, symposiums, and workshops.

Dr. Mohammad Zakaria Masud, FCMA, is a professor and director of the Academic Affairs Division of the Institute of Cost and Management Accountants of Bangladesh (ICMAB). Before joining ICMAB, he worked as the Chairman of the Green Business School at the Green University of Bangladesh. Dr. Masud worked in the education industry in different capacities and at various institutes, e.g., American International University – Bangladesh, East West University, Dhaka City College, Bangladesh University of Engineering and Technology, and Southeast University. He also worked as a visiting faculty (Palme Scholar) at the University of Gavle, Sweden. He was a casual academic staff and course coordinator at the La Trobe University and the Federation University, Australia. He has obtained his BBA and MBA degrees in AIS from the Department of Accounting and Information Systems at the University of Dhaka. He received his Ph.D. from La Trobe University, Melbourne, Australia. He is a fellow member of the ICMAB. He has several publications in reputed local and international journals and editorial books. He has attended various national and international seminars, symposiums, colloquiums, and workshops. 

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This is the third and final installment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s new quality management standards. The IAASB’s suite of quality management standards were issued in December 2020 and came into effect in December 2022.

Installment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.  

Aamir Ijaz Khan is a distinguished Chartered Management Accountant with over two decades of extensive experience. As a Fellow member of ICMA Pakistan and the current Executive Director of the institute, Mr. Khan has established himself as a prominent figure in the accounting profession. His expertise spans across various domains, including client servicing, project implementation, business repositioning, financial management and compliance.

Throughout his illustrious career, Mr. Khan has held several pivotal positions highlighting his leadership and expertise. He currently serves as a Director on the Board of Foundation of the South Asian Federation of Accountants (SAFA) and as a Technical Advisor on the Professional Accountants in Business (PAIB) Advisory Group of the International Federation of Accountants (IFAC). His past roles include serving on the Board of Governors of the Pakistan Institute of Public Finance Accountants (PIPFA). At ICMA Pakistan, his tenure has been marked by notable achievements, including his role as Chairman of the Lahore Branch Council from 2011 to 2013 and his foundational involvement in the Quality Assurance Board of ICMA Pakistan.

Mr. Khan's professional journey includes significant contributions to major projects and organizations. He worked as an Audit MIS Expert (Punjab) in the World Bank-funded Project to Improve Financial Reporting & Auditing (PIFRA) and as an Executive Financial Accountant at Sui Northern Gas Pipelines Limited (SNGPL). He also gained valuable experience as the Head of Quality Assurance at M/s. Innovative Pvt. Ltd., further broadening his expertise in financial management and quality control.

In addition to his professional accomplishments, Mr. Khan is recognized for his leadership in various organizations. He served as the Founder President of the ICMA Lahore Toastmasters Club and is currently a member of the Management Committee of MENSA International - Pakistan Chapter. His expertise extends beyond his primary roles, as he is also an SAP FI/CO Certified Consultant and a Certified Director.

As a professional trainer and motivational speaker, Mr. Khan has conducted numerous training sessions and workshops. He has contributed valuable insights through various papers presented at national and international forums, focusing on topics such as the growth dynamics of the Pakistani services sector and economy, economic sectors' strategic dynamics, and budgetary measures. His continued involvement in these areas demonstrates his commitment to shaping discussions in financial reporting, auditing and economic policy.

Mr. Khan's multifaceted experience and his current role as Executive Director and Secretary of the AML Supervisory Board at ICMA Pakistan position him as a respected authority in the field of management accounting. His career exemplifies a dedication to professional excellence and a commitment to advancing the accounting profession both nationally and internationally.