Features of the application of the international Code of Ethics for professional accountants in the context of digitalization

Abstract

In the context of the acceleration of the digitalization of the economy, issues related to the implementation by auditors of the principles established by the International Сode of Ethics for professional accountants (Code of Ethics) meet new challenges. First of all, this is due to the development of the technological landscape of the digital economy, in conditions when such new elements as the Internet of Things (IoT), digital 5G, quantum computing, etc. appear, auditors are required to have sufficient knowledge when auditing financial statements of crypto assets and other digital economy tools. In this article, the authors analyze the technological landscape of the digital economy, the risks that arise when an auditor works in terms of violating the principles established by the Code of Ethics, and also formulate proposals to avoid or minimize such risks. CZU: [174:657]:004.78; JEL: M42; DOI: https://doi.org/10.53486/isca2024.14