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Technology in the Audit 

Technology is changing the audit. Audit platforms are becoming more automated and auditors are increasingly using automated tools and techniques (ATT) to perform their risk assessments and further audit procedures. 

In 2021, CPAB provided its perspectives on how the use of technology is enhancing the quality of audits in our Technology in the Audit publication. In that publication we also described the challenges that are emerging, as well as our expectations of audit firms, as the use of technology comes to represent a more significant component of the audit effort.

A continuing focus in our inspections involves evaluating the adequacy of quality management practices at both the firm-level and engagement-level associated with developing, obtaining, and maintaining ATT and using ATT in the performance of audits.

CPAB also leads the International Forum of Independent Audit Regulators’ (IFIAR) Technology Task Force. The mandate of the task force is to enhance the understanding of IFIAR members of how technological resources used by the six largest global audit firms are impacting audit quality.

RESOURCES


> Thought Leadership Publications
01/09/2021
CPAB Exchange: Technology in the audit

THE CANADIAN PUBLIC ACCOUNTABILITY BOARD

The Canadian Public Accountability Board (CPAB) is Canada’s independent, public accounting firm regulator. Charged with overseeing audits performed by registered public accounting firms, CPAB contributes to public confidence in the integrity of financial reporting and is committed to protecting Canada’s investing public. CPAB promotes audit quality through proactive regulation, dialogue with domestic and international stakeholders, and practicable insights to inform capital market participants. CPAB has offices in Montreal, Toronto and Vancouver.

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