Proposed International Standard on Auditing 500 (Revised), Audit Evidence, and Proposed Conforming and Consequential Amendments to Other ISAs
IAASB
Oct 24, 2022 | Exposure Drafts and Consultation Papers
English
All available Translations: French
In Progress Translations: Japanese
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Comments due by: Apr 24, 2023
The proposed changes to International Standard on Auditing (ISA) 500 (Revised), Audit Evidence:
- 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 IAASB invites all stakeholders to comment on the Exposure Draft via the “Submit Comment” button on this page. Comments are requested by April 24, 2023.
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Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- 2021 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities
- Quality Management and Group Audits: Highlighting Certain Aspects of Interaction Between ISA 220 (Revised) and ISA 600
- Reporting Going Concern Matters in the Auditor's Report