Consider how PCAOB standards should be revised to address certain aspects of designing and performing audit procedures using technology-assisted data analysis.
The results of the PCAOB's research project on Data and Technology indicate that auditors are expanding their use of technology-based tools to plan and perform audits. While the research results indicate that PCAOB standards do not preclude auditors' use of technology, it may be necessary to update the following auditing standards to address certain aspects of designing and performing audit procedures that use technology-assisted data analysis:
- AS 1105, Audit Evidence
- AS 2110, Identifying and Assessing Risks of Material Misstatement
- AS 2301, The Auditor's Responses to the Risks of Material Misstatement
Staff considerations will take into account the requirements of other PCAOB standards, observations from the Board’s oversight activities, changes to audit firms' methodologies, the activities of other standard setters and regulators, and information from investors and other stakeholders.
The staff is analyzing relevant information and developing a proposal for the Board's consideration.