The objectives of the project are to:
(a) Explore issues relevant to audit evidence, including those arising from technology, professional skepticism and the growing number of sources of information available to auditors .
(b) Identify and implement actions to address these issues, which may include revisions to ISA 500 or other actions, such as non-authoritative guidance.
MEETING HIGHLIGHTS - JUNE 2020
The Board discussed the outcome of the Audit Evidence Working Group’s information gathering and targeted outreach activities. Based on the feedback, the Board agreed with the Audit Evidence Working Group’s conclusion that the listing of audit evidence related issues, as presented, is appropriate. The Board supported the Audit Evidence Working Group’s recommendation to develop a project proposal to revise ISA 500, including conforming and consequential amendments to other standards, for approval at the December 2020 IAASB meeting, and to continue in the interim to evolve its approach, as presented, to progress the revision of ISA 500 (and conforming and consequential amendments to other standards). The Board also recommended that the Working Group publish a project update to inform stakeholders about the activities undertaken to date.