FRC issues a discussion paper on the use of technology and potential impact on audit quality

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31 Mar, 2020

The Financial Reporting Council (FRC) has issued a discussion paper on ‘Technological Resources: Using technology to enhance audit quality’. Comments are requested 29 May.

Through issuing the discussion paper, which builds on the FRC’s recent thematic review, The use of technology in the audit of financial statements, the FRC is seeking to gain further insight into the use of technology and its potential impact on audit quality.

The discussion paper specifically seeks comments on:

  • Areas where technological resources are enhancing audit quality, and potential obstacles to further innovation (including those arising from regulation and standards);
  • The increasing use of artificial intelligence, machine learning and natural language processing within the audit process;
  • Data Standards and Extraction Issues;
  • Audit Documentation;
  • Data analytic exceptions; and
  • The growing use of third-party technology providers.

A press release and the discussion paper are available on the FRC website.

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