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IAASB

NEWS ALERT


	IAASB ISSUES NEW SUPPORT FOR ASSESSING RISKS OF MATERIAL MISSTATEMENT WHEN USING AUTOMATED TOOLS AND TECHNIQUES



	(New York, New York, November 18, 2020)

The International Auditing and Assurance Standards Board (IAASB) Technology Working Group today released a new non-authoritative frequently asked questions publication on using automated tools and techniques in identifying and assessing risks of material misstatements in accordance with International Standard on Auditing 315 (Revised 2019), Identifying and Assessing Risks of Material Misstatement.

The publication assists auditors to understand the types of automated tools and techniques that can be used, and how they can be used, in performing risk assessment procedures. It also addresses considerations regarding the entity’s use of machine learning or artificial intelligence when performing risk assessment procedures.

This publication does not amend or override the International Standards on Auditing (ISAs), the texts of which alone are authoritative. Reading the publication is not a substitute for reading the ISAs.



	Contact: Megan Hartman Senior Manager, Communications +1 212 286 9344 meganhartman@iaasb.org

Prepared by IFAC's Communications Department. Contact communications@ifac.org for further information.
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color: #0C275F; font-family: Arial; font-size: 19px; font-weight: bold; line-height: 22px;">IAASB ISSUES NEW SUPPORT FOR ASSESSING RISKS OF MATERIAL MISSTATEMENT WHEN USING AUTOMATED TOOLS AND TECHNIQUES</span></strong></font></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="5" width="20" alt="" /></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td><font style="text-align: left;"><span style="font-size: 12px; font-family: Arial, Verdana, sans-serif;color: #101010; text-align: left;"><em></em></span></font></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td colspan="3"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="5" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td><p style="color: #101010; font-family: Verdana; font-size: 12px; line-height: 16px;" >(New York, New York, November 18, 2020)</p></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td colspan="3"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr> </table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td style="padding: 0" bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td> <font style="color: #101010; font-family: Verdana; font-size: 12px; line-height: 16px;">The International Auditing and Assurance Standards Board (IAASB) Technology Working Group today released a new <a href="https://www.iaasb.org/publications/non-authoritative-support-material-using-automated-tools-and-techniques-when-identifying-risks">non-authoritative frequently asked questions publication</a> on using automated tools and techniques in identifying and assessing risks of material misstatements in accordance with International Standard on Auditing 315 (Revised 2019), <em>Identifying and Assessing Risks of Material Misstatement</em>. </font><br /><br /><font style="color: #101010; font-family: Verdana; font-size: 12px; line-height: 16px;">The publication assists auditors to understand the types of automated tools and techniques that can be used, and how they can be used, in performing risk assessment procedures. It also addresses considerations regarding the entity’s use of machine learning or artificial intelligence when performing risk assessment procedures.</font><br /><br /><font style="color: #101010; font-family: Verdana; font-size: 12px; line-height: 16px;">This publication does not amend or override the International Standards on Auditing (ISAs), the texts of which alone are authoritative. Reading the publication is not a substitute for reading the ISAs.</font><br /><br /> </td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td align="right" bgcolor="#ffffff"> <table cellpadding="0" cellspacing="0"> <tr> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td valign="top" bgcolor="#999999"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td align="right" width="100%"> <p align="right" style="font-size: 12px; font-family: Arial, Verdana, sans-serif;"> Contact:<br /> Megan Hartman<br /> Senior Manager, Communications<br /> +1 212 286 9344<br /> <a href="mailto:meganhartman@iaasb.org" target="_blank" style="text-decoration: none"><b><font color="#E25936">meganhartman@iaasb.org</font></a></b> </p> </td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td valign="top"> </td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" alt="" /></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> </table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td colspan="2"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="5" width="20" alt="" /></td> </tr> <tr> <td colspan="2"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td> <span style="font-size: 10px; font-family: Arial, Verdana, sans-serif;"><b> Prepared by IFAC's Communications Department. 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