Data Analytics - IAASB

Date recorded:

At its meeting on June 21-24, 2016, the IAASB provided input on the DAWG’s proposed publication, The IAASB’s Work to Explore the Growing Use of Technology in the Audit, including Data Analytics. While making suggestions for a more proactive approach in some areas, the IAASB supported the Working Group moving forward with finalizing the publication, agreeing that it would meet the objectives of:  (i) raising awareness with stakeholders; (ii) delivering a message that the extant ISAs do not prohibit the use of data analytics in a financial statement audit; and (iii) communicating the way forward for the IAASB’s Data Analytics project.

The IAASB was supportive of the DAWG’s active involvement in the IAASB’s current standard-setting projects and assessing the potential impact on the ISAs arising from data analytics. The IAASB encouraged the DAWG to continue with its outreach activities, exploring whether involvement of a project advisory group or roundtable events might be effective in further information gathering and facilitating a two-way dialogue with stakeholders.

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