The AICPA Auditing Standards Board's Technology Working Group has developed a new practice aid, Use of Technology in an Audit of Financial Statements, that emphasizes how technology should be seen as a key enabler, elevating audit effectiveness and efficiency for the future.This article takes a deep dive into Part 1 of the practice aid which covers the following:
The use of technology in performing risk assessments
The value of obtaining an understanding of the entity's use of technology to help