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Auditors be aware. The SEC has approved 2 PCAOB proposals updating audit standards regarding general responsibilities of the auditor and use of technology-assisted analysis in conducting an audit. Also approving a proposal amending ethics rules governing the liability of an associated person when they directly and substantially contribute to audit firm violations.
On the use of technology assisted analysis, one wonder if this is focused on the use of AI, amongst other tools. To ensure that where AI is used for example, oversight and assurance of the outputs from AI are validated. To ensure informative, accurate, and independent audit reports. It further clarified auditors responsibilities when using analytical tools in conducting audits.
In addition the PCAOB has amended rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations. Revising the standard of liability from reckless to negligence. One wonders Rachel V. Rose, JD, MBA the effect when assessing professional conduct and standards against negligence rather than recklessness.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC Public Company Accounting Oversight Board (PCAOB) U.S. Securities and Exchange Commission
#cybersecurity #cyberriskmanagement #AI #audit
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