The IAASB has introduced a new Technology Position Statement to guide its approach in embracing the convergence of audit, assurance, and technology. This forward-thinking Statement highlights technology’s potential to enhance engagement quality and reaffirms the IAASB’s commitment to driving innovation by promoting and enabling the integration of technology across engagements.
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:
Explanatory Memorandum for the Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA)
The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities
This comprehensive adoption guide is designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.
