The International Auditing and Assurance Standards Board’s Audit Evidence Working Group has published a Project Update for International Standard on Auditing (ISA) 500, Audit Evidence. The Update includes details about its information gathering activities, issues identified to date, and the way forward for audit evidence.
Based on its information gathering, the Audit Evidence Working Group developed an initial listing of possible issues and categorized the issues into three overarching topics:
- Changes in the source of information and how the information is processed, communicated, and used.
- Continual developments in technology.
- Professional skepticism.
The Audit Evidence Working Group is in the process of developing a project proposal for the IAASB’s consideration at its December 2020 meeting.