Background
The Auditing and Assurance Standards Board (AASB or the Board) recognizes that technology is rapidly evolving and transforming how entities prepare information and how practitioners perform audit and assurance engagements. To ensure Canadian standards remain relevant and fit for purpose, the AASB monitors technological developments, engages with interested and affected parties to understand how entities and practitioners use technology, and considers the impact for audit, assurance, and quality management standards.
The Board undertakes a range of activities including:
- Monitoring current technological trends and the evolving needs of interested and affected parties to review the potential impact on standards;
- Participating in the IAASB’s Technology Advisory Network as a jurisdictional standard setter contributor supporting the IAASB’s efforts to monitor and adapt to emerging technologies that may impact the relevance and effectiveness of the IAASB’s Technology Position and standards;
- Collaborating with IAASB on technology related initiatives, such as co-hosting the Canadian Technology Quality Management roundtable; and
- Supporting the development of guidance and identifying opportunities to leverage relevant guidance in Canada. For example, the IAASB’s Technology Quality Management workstream is developing non-authoritative guidance that is expected to be relevant in Canada. The AASB provides input on its development and plans to support its use in Canada.
Resources and Guidance available related to Technology Topics:
AASB’s Technology Quality Management Workstream, related to the IAASB’s Technology Quality Management Workstream
IAASB Technology Position Initiative