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Audit Evidence – AASB

Date recorded:

At its meeting on July 15, 2021, the AASB provided input to the IAASB Board members from Canada on issues related to the IAASB’s project to revise International Standard on Auditing (ISA) 500, Audit Evidence.

Key issues discussed included:

  1. the proposed approach for using the terms “consistent and inconsistent” and “corroborate and contradict” in the context of exercising professional skepticism relating to audit evidence; and
  2. including new requirements in the proposed standard to: (a) address professional skepticism, and (b) conclude whether sufficient appropriate audit evidence has been obtained.

Review the Executive Summary on the AASB's Web site.

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