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The International Auditing and Assurance Standards Board (IAASB) released a Request for Input, Exploring the Growing Use of Technology in the Audit, with a Focus on Data Analytics. The IAASB’s Data Analytics Working Group (DAWG) is furthering its work to understand how the use of technology, and more specifically data analytics, is able to enhance audit quality.
The Request for Input Paper provides insights into the opportunities and challenges with the use of data analytics in the audit of financial statements and outlines the insights gained from the DAWG’s activities to date. The purpose of the Request for Input is to:
- Inform stakeholders about the IAASB’s ongoing work to explore effective and appropriate use of technology, with a focus on data analytics, in the audit of financial statements; and
- Obtain stakeholder input and perspectives on whether all of the considerations relevant to the use of data analytics in a financial statement audit have been identified.
In an increasingly complex and high volume data environment, the use of technology and data analytics offers opportunities for the auditor to obtain a more effective and robust understanding of the entity and its environment, enhancing the quality of the auditor’s risk assessment and response.
ISCA takes a leading role in advocating the views and proposals of the accounting and auditing community in Singapore. ISCA would like to seek views from key stakeholders in Singapore on the above.
ISCA requires all comments to be submitted to technical@isca.org.sg by 22 December 2016.
Click here for IAASB Request for Input