What the Project Aims to Achieve
The IAASB is currently undertaking information-gathering activities to inform the modernization of the following targeted standards in the ISA 500-Series to reflect the current business and audit environments more appropriately, including the impact of the use of technology by entities, auditors and the organizations they interact with:
- ISA 501, Audit Evidence – Specific Considerations for Selected Items (with a focus on inventory);
- ISA 505, External Confirmations; and
- ISA 530, Audit Sampling.
The information-gathering covers both technology-related and other specific matters of modernization, including:
- Different methods to obtain evidence regarding the existence and condition of an entity’s inventory;
- New and innovative external confirmation processes and revisiting the extant concepts of positive and negative confirmations; and
- Issues and challenges related to the relevance of and the appropriate use and consistent application of audit sampling as a means of selecting items for testing.
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 projects.
IAASB Staff Contacts
Project Board Members
Project Stages
Content