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IAASB Opens Public Consultation for Revised Audit Evidence Standard

Proposed Changes Reflect the Standard’s Nature, Role within the Suite of IAASB Standards

Oct 24, 2022 | New York, New York | English

Today, the International Auditing and Assurance Standards Board (IAASB) opened the public consultation for proposed changes to one of its fundamental standards, International Standard on Auditing (ISA) 500, Audit Evidence. The current ISA 500 addresses an auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate evidence to draw reasonable conclusions on which to base the auditor’s opinion.

The proposed changes:

  • Clarify ISA 500’s purpose and scope and explain its relationship with other standards;
  • Provide a principles-based approach to considering and making judgments about information intended to be used as audit evidence and evaluating whether sufficient appropriate audit evidence has been obtained;
  • Modernize ISA 500 to be adaptable to the current business and audit environment, while considering scalability for different circumstances, including the entity and the auditor’s use of technology, such as automated tools and techniques; and
  • Emphasize the role of professional skepticism when making judgments about information intended to be used as audit evidence and evaluating the audit evidence obtained.

Proposed International Standard on Auditing 500 (Revised), Audit Evidence, provides a “reference framework” for auditors when making judgments about audit evidence throughout the audit.

“The audit and the environment in which an auditor conducts the audit and assess audit evidence has evolved significantly in recent years,” commented IAASB Chair Tom Seidenstein. “For example, the changing nature and sources of information used by the auditor and the increasing role played by technology demanded a re-examination of the audit standard. These proposed changes will ensure that the standard keeps pace, while retaining a principles-based approach to standard setting.”

The IAASB invites all stakeholders to comment on the Exposure Draft via the IAASB website. Comments are requested by April 24, 2023.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact