IAASB publishes guidance on assessing risks of material misstatement

Released 18 November 2020

The International Auditing and Assurance Standards Board (IAASB) Technology Working Group has 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 is designed to assist auditors in understanding 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.

The publication does not amend or override the International Standards on Auditing (ISAs).

View the frequently asked questions publication.

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