IAASB Progresses Technology Quality Management Guidance
Brought to you by SA Accounting Academy: The International Auditing and Assurance Standards Board (IAASB) has updated the development schedule for its four-part implementation guide series addressing technology risks and tools within firm systems of quality management.
In terms of the Auditing Profession Act, No. 26 of 2005, registered auditors in South Africa must adhere to the quality management standards issued by the IAASB and adopted by the Independent Regulatory Board for Auditors (IRBA), notably International Standard on Quality Management 1 (ISQM 1). The IAASB’s Technology Quality Management Project Team is currently drafting the first two publications in a planned four-part implementation series designed to support firms in navigating technological governance.
The IAASB reviewed proposed adjustments to the series structure, conducted a section-by-section review of Guide 1, and held an initial directional discussion on Guide 2. The planned project milestones are:
- Guide 1 (Common Conceptual Foundation): Scheduled for approval at the IAASB mid-quarter virtual meeting in November 2026.
- Guide 2 (Firm-Level Quality Management Before Deployment): Scheduled for approval at the IAASB meeting in December 2026.
- Full Guide Series: Complete publication and approval of all four guides targeted for June 2027.
The revised schedule introduces interim landing points to provide the IAASB Board multiple review cycles for each text without extending the overall completion target date of June 2027.
Click here to access the IAASB Technology Quality Management project page.
What this means for you, your business, or your clients
- For yourself: Assurance partners and engagement team members must track the forthcoming criteria to ensure their reliance on automated audit tools and AI-driven data extraction aligns with evolving ISQM 1 documentation requirements.
- For your business: Audit and assurance firms must review their IT governance and procurement procedures to ensure third-party audit software undergoes formalised quality risk assessments prior to deployment across engagement files.
- For your clients: Assurance clients should expect more detailed inquiries from audit teams regarding the security, data lineage, and integration protocols of financial reporting software systems.
Originally published at https://accountingacademy.co.za/news/read/iaasb-technology-quality-management-workstream