LATEST UPDATE
Release of Staff Audit Practice Alert 11: The Use of Generative Artificial Intelligence and Emerging Technologies in Audits
The Independent Regulatory Board for Auditors (IRBA) has issued Staff Audit Practice Alert 11: The Use of Generative Artificial Intelligence and Emerging Technologies in Audits. This non-authoritative guidance provides insights into the impact of generative artificial intelligence (GenAI) and emerging technologies when applying certain requirements of the International Standards on Quality Management and the International Standards on Auditing in the South African context.
As the profession continues to evolve in response to technological advancements, it is essential that registered auditors remain informed about emerging risks, ethical considerations and professional responsibilities associated with the use of GenAI. So, the guidance in the Alert focuses on the following key areas:
- Integration of GenAI in the audit process
- Integration of GenAI in financial reporting
- Benefits of incorporating GenAI in audits.
The Alert is available to download in a PDF format from the IRBA website on: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/staff-practice-alerts
For any queries, please contact the Standards Department on standards@irba.co.za
