Audit Evidence – AASB

Date recorded:

At its meeting on March 8-9, 2021, the AASB provided input to the IAASB members from Canada on the IAASB’s project to revise ISA 500, Audit Evidence. Key issues discussed included:

  1. revising definitions of “audit evidence”, “appropriateness”, and “sufficiency”;
  2. sourcing information to be used as audit evidence;
  3. modernizing and enhancing the descriptions of audit procedures; and
  4. providing guidance that addresses whether an audit procedure can be used to address the objectives of both a risk assessment procedure and a substantive audit procedure.

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

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