The objectives of the Technology initiative are to:
(a) Identify potential ethical implications of technology developments on the robustness and relevance of the fundamental principles and independence standards,
including both challenges to compliance with requirements under the Code as well as ways in which technologies could be used to support and enhance compliance.
The WG will assess these implications in the context of both professional accountants in business and professional accountants in public practice.
(b) Develop proposed responses to address the ethical implications identified in (a). Possible responses might include revisions or amendments to the Code;
publishing non-authoritative material; convening or co-sponsoring discussion forums (e.g., Webinars, Roundtables); or any combination of these approaches.
(c) Identify specific outreach and partnership opportunities to share knowledge and to promote the Code as an effective tool for professional accountants to refer to
in addressing ethics issues related to the use and effects of technology on their professional activities.
IESBA December 2020 Meeting Highlights
The IESBA considered the Task Force’s recommendations and progressed its deliberations on proposed approaches to advance the seven identified recommendations within the approved project proposal. During the session, the IESBA considered a “strawman draft” with potential revisions to the Code, and a high-level overview of the responses to the October 2020 technology surveys which sought stakeholder input on topics addressed by two of the recommendations, namely technology and complexity in the professional environment, and the impact of technology on auditor independence.
The IESBA will continue its deliberations on its Technology work stream in March 2021.