TIAASB’s new technology position to embrace technology and innovations

As technology becomes increasingly pervasive in all aspects of external reporting, the IAASB has a crucial role in improving audit and assurance quality. The IAASB adopted a new technology position statement that integrates technological advancements into its standard-setting activities to ensure that its standards remain relevant, effective, and aligned with the public interest. 

The document explains the IAASB's new position, which is to
• embrace innovation in assurance practice and auditing that will improve standards in line with changing environments
• remove barriers in existing standards that prevent the use of advanced technology
• introduce new requirements and guidance that will help practitioners use technology processes effectively.

The Position is built on a conceptual framework composed of three key components: Technology Position Statement, its operationalization, monitoring and adaptation.
The IAASB is conducting a gap analysis, consisting of a review of its foundational standards: the International Standards on Quality Management and International Standards on Auditing. This analysis will identify potential areas for the IAASB to enhance the standards to better facilitate technological adoption. The findings will inform the IAASB's future work plans. 

For more information on the IAASB’s Technology Position Statement and to access the full document, please visit the IAASB website.