Audit Evidence

What the Project Aims to Achieve

The IAASB is currently working on a project to revise ISA 500, Audit Evidence. In revising this standard, the IAASB aims to:

• Clarify the purpose of ISA 500 and how it relates to the other ISAs.
• Modernize how the standard deals with the variety of information available to an auditor, and the various sources of such information.
• Recognize the use of technology, both in the context of:
• An entity’s use of technology in preparing the financial statements and in generating other underlying information; and
• The auditor’s use of technology in performing audit procedures.
• Clarify the concept of sufficient appropriate audit evidence.
• Emphasize the auditor’s responsibility to exercise professional skepticism.

 Project Timeline

The following table sets out the project timeline. Please note that these are current targeted milestones and may change as the work in this area progresses.

Current Status of the Project

Refer to the IAASB's Project Updates page for the latest status of the Audit Evidence project.     

Task Force Information

IAASB Staff Contact

• Kalina Shukarova Savovska
• Ida Diu

Task Force Members

• Sue Almond (Chair)
• Edo Kienhuis
• Greg Schollum
• Eric Turner
• Dominika Taraszkiewicz (PCAOB Observer)

Project Stages