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:
- revising definitions of “audit evidence”, “appropriateness”, and “sufficiency”;
- sourcing information to be used as audit evidence;
- modernizing and enhancing the descriptions of audit procedures; and
- 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.