The IAASB 500 Series project aims to revise the following audit evidence standards in the ISA 500 Series:
- ISA 501, Audit Evidence —Specific Considerations for Selected Items — only related to inventory; and
- ISA 505, External Confirmations.
In revising the standards, with a focus on delivering standards that respond to stakeholders’ needs and on more closely aligning with the concepts and requirements in foundational ISAs (e.g., ISA 315 (Revised 2019), proposed ISA 330 (Revised) and proposed ISA 500 (Revised)), the IAASB seeks to:
- Modernize audit evidence standards related to inventory and external confirmations to reflect more appropriately the business and audit environment, including the implications of the use of technology by entities, auditors and organizations they interact with.
- Promote consistent practice and behavior in obtaining and evaluating audit evidence about inventory and from external confirmation procedures, including reinforcing the appropriate exercise of professional skepticism in relation to these topics.
Project Timeline
The following table sets out the project timeline for the ISA 500 Series project. Future dates reflect targeted milestones and may change as the work in this area progresses.
Current Status of the Project
Refer to the “Latest on Our Projects” web page for up-to-date information on the project.
Project Team
IAASB Staff Contacts
Project Board Members
Content
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