Disruptive technologies have significantly impacted the work of accountants, including auditors and those in the finance and advisory fields, especially in terms of the technology and approaches they use. The IESBA has multiple technology-related workstreams.
- First, the IESBA is developing technology-related revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). This work is being progressed by the Task Force.
- Second, the IESBA is developing non-authoritative material to respond to immediate stakeholder calls for technology-related guidance to assist professional accountants in business and in public practice, including auditors, to understand how to apply the existing provisions in the Code. This work is being progressed by the Working Group.
In addition, the IESBA is undertaking fact finding and information gathering which includes extensive stakeholder outreach to further understand the broader technology environment. Among other matters, the outcome of this fact finding and information gathering will help inform the technology-related revisions that are being made to the Code. The fact-finding and information gathering activities are being progressed by the Working Group.
Having a dedicated Task Force and Working Group enables the IESBA to accelerate the development and release of technology-related guidance while also progressing the development of technology-related revisions to the Code.
Other Publications & Guidance
IESBA November-December 2021 Meeting Highlights
The IESBA unanimously approved for exposure proposed revisions to the Code relating to technology. The proposed revisions were informed by the IESBA’s extensive outreach and fact finding initiative on the topic, including the recommendations in the Phase I Technology Report and the responses to the IESBA’s Technology Surveys.
The ED is expected to be released by the end of January 2022 with a public comment period of 120 days.
Technology Fact Finding & Thought Leadership
The IESBA received an update from its Technology Working Group on the Working Group’s Q4 2021 activities related to fact finding in a number of technology areas, and the development of technology-related thought leadership and other ethics and independence resources. In particular, the IESBA was briefed on the Working Group’s efforts to set up an external Technology Advisory Group comprising individuals with expertise and practical experience in technology to support and provide input to the Working Group.
The IESBA will receive a further update from the Working Group at the March 2022 IESBA meeting.