IAASB New FAQs: Risk of over reliance on technology

WHAT YOU WILL LEARN

By the end of this event the attendee should:  

• • Understand the impact of ever-changing technology when applying certain aspects of ISAs;
  • Understand the impact of automated tools and techniques (ATT) on audit working papers when compiling Annual Financial Statements;
  • Understand what automated tools and techniques are;
  • Understand what automation bias is with reference to the revised IESBA Code of Conduct; 
  • Understand how to address the risk of overreliance on technology; and
  • Have access to the full IAASB publication.

DESCRIPTION

The IAASB (International Auditing and Assurance Standards Board) have published a new FAQ (Frequently Asked Questions) document on the risk of over reliance on technology and potential automation bias when conducting an audit or review.

This publication is a useful support tool and highlights the impact of technology when applying certain aspects of the International Standards on Auditing (ISAs). It focuses on specific considerations when using the capabilities of automated tools and techniques (ATT) and when using information produced by the entity’s systems. In particular, this FAQ considers how the reviewer and auditor can address automation bias and the risk of over reliance on technology when using ATT and when using information produced by the entity’s systems.

The IESBA Code of Conduct was revised in October 2020 in respect of the Role and Mindset expected of professional accountants, and these FAQs specifically address automation bias.

This webinar will provide an overview of this useful tool by discussing the contents of these FAQs, and by acknowledging the possibility, understanding potential biases and recognizing the causes, which are the first steps in addressing the risk of over reliance on technology and potential automation bias when conducting a review or audit.

Join us as we unpack the FAQs and considerations in an understandable format.

PRICE

The following pricing apply:

Ad hoc: R475 for this webinar
Subscription: N/A

Study unit 1

Overview & introduction. 

Study unit 2

What are ATT?  

Study unit 3

Using ATT in applying aspects of ISAs. 

Study unit 4

Automation bias linked to the IESBA Code. 

Study unit 5

Working through FAQs and answers. 

Study unit 6

Addressing the risk of overreliance:

• Implementing policies and procedures.
• Designing or tailoring tech resources.
• Enhanced training.
• Building awareness and leveraging behavioural motivators. 

Study unit 7

Access to the IAASB publication. 

REQUIREMENTS

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date

PRESENTER

By attending this webinar, you will be provided with:
– Summarised slide presentation.
– Reference documents and / or course material where available.
– Access to a technical knowledge base.
– Recorded webinar that includes an expert presenter and participant interaction.

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