The auditing standards board of the American Institute of Certified Public Accountants on Thursday proposed an overhaul of the rules governing audit evidence for private companies to better define the role of new technologies in audits. The organization, which sets the standards for audits of private companies in the U.S., proposed expanding the framework auditors use when gathering and assessing evidence used to form their opinions of financial statements. Current standards focus on the accuracy and completeness of that information. But as new technologies expand auditors’ ability to gather evidence, auditors can and should view that information with a more critical lens.

Source: Wall Street Journal June 20, 2019 23:19 UTC