PKF responds to IAASB paper on data analytics
15 Feb 2017
Today, PKF International submitted a response to the International Auditing and Assurance Standards Board’s (IAASB) ‘Request for Input – Exploring the Growing Use of Technology in the Audit, with a Focus on Data Analytics’. The International Standards on Auditing (ISAs) do not prohibit, nor stimulate, the use of data analytics. Technological advancements and the increasing use of data analysis by auditors as well as businesses in decision making have however changed the game significantly.
Of particular concern to PKF is that the lack of reference to data analytics in the ISAs may be a barrier to their adoption more broadly, especially through the actions of regulators and oversight authorities, who may question the use of data analytics in the absence of guidance in the ISAs. Our response to the IAASB expresses this concern, together with our request to the IAASB not to unnecessarily delay incorporation of data analytics into the ISAs.
You can read the PKF submission here