INTHEBLACK June 2025 - Magazine - Page 39
“The rate of change in areas like AI, blockchain, automation
and data analytics is exponential, whereas standard-setting
and regulatory processes are inherently slow. By the time
a new standard is developed, the technology landscape
may have shifted again, making it difficult to stay relevant.”
TIFFANY TAN, CPA AUSTRALIA
regulatory bodies to harmonise standards
is complex, and the pace of regulatory reform
is much slower than the current rate of
technological advancement.
The International Auditing and Assurance
Standards Board is trying to bridge that gap
by introducing a new Technology Position
to help it adapt work practices and keep pace
with technology. While this is a step in the
right direction, Tiffany Tan, audit and assurance
lead, policy and advocacy at CPA Australia,
says that more needs to be done.
“The rate of change in areas like AI,
blockchain, automation and data analytics
is exponential, whereas standard-setting
and regulatory processes are inherently slow,”
says Tan. “By the time a new standard
is developed, the technology landscape may
have shifted again, making it difficult
to stay relevant.”
It is not just the pace of change that
makes alignment between the technology
that underpins auditing, and the regulatory
framework that guides it, harder to manage,
Tan continues. It’s the nature of modern
regulatory approaches.
“Current auditing standards are
principles-based and technology-neutral,
which can lead to interpretation challenges.
There is often uncertainty around how
to apply existing standards to new,
tech-driven audit procedures such as
intheblack.cpaaustralia.com.au 39
