ISO 21378, Audit data collection, aims to help auditors access and decipher audit data by standardizing the process of identification, classification and collection. It will facilitate the accessibility and transparency of audit data, standardize the collection process

and avoid duplication of work. This should increase the efficiency of auditors, saving them valuable time and effort, as well as improving the effectiveness of the audit.

ISO 21378 defines a common framework for accounting data elements and provides the necessary information to extract what is relevant. It also provides a way of expressing the information consistently, regardless of the accounting package or ERP system used. It is applicable to data being extracted in areas such as general ledger, accounts receivable, sales, accounts payable, purchase, inventory, and property plant and equipment.

The new standard will come in useful for governments, internal and external auditors, auditees and related stakeholders, such as vendors of ERPs and accounting software.