Using Technology in Financial Statement Audits

Automated tools can improve SAS No. 145 risk assessment procedures and enhance audit quality, effectiveness, and efficiency. To support your efforts to use technology in audits, the Auditing Standards Board Technology Working Group has developed a practice aid for AICPA members.

In this brief video, Sara Watson, CPA, FORVIS, LLP, and Brian Wilson, CPA, CGMA, Director — Audit & Attest Standards, at AICPA & CIMA, together as the Association of International Certified Professional Accountants, introduce the practice aid Use of Technology in an Audit of Financial Statements.

Part 1 of the practice aid, The use of automated tools and techniques in the auditor’s risk assessment, is structured into 3 modules:

• Module 1-A: The benefits of leveraging technology in the auditor’s risk assessment and of obtaining an understanding of the entity’s use of technology

• Module 1-B: Commonly used automated tools and techniques in the auditor’s risk assessment

• Module 1-C: Example of the auditor’s use of technology when performing risk assessment procedures

Many firms can benefit from a more effective use of technology. Learn how to use automated tools and techniques to perform SAS No. 145 risk assessment procedures and enhance your risk assessment procedures by using technology.