At its meeting on January 26, 2021, the IAASB received a presentation that included a summary of technology trends and the possible significance and timing of disruption to audit and assurance standard-setting. The Board broadly agreed with the findings of the research presented, noting that some of the disruption may occur earlier than the research suggested. It was also noted that accessing and verifying information will be a key area of disruption in the short to medium term, as well as new technology around internal controls in the longer term. The Board also noted that technology innovations can also create ethical issues, such as when an entity is asked to host the auditor’s software. He encouraged the Board to liaise with the International Ethics Standards Board for Accountants as the initiative advances. Staff will develop a forward plan based on the Board’s feedback and will discuss possible next steps with the Planning Committee.

Review the meeting Agenda on the IAASB's Web site.