At its meeting on June 13-17, 2022, the IAASB discussed and broadly supported a draft of proposed ISA 500 (Revised) that reflected the changes made by the Audit Evidence Task Force based on the Board’s discussion in March 2022. Such changes included a separate requirement to obtain audit evidence about the accuracy and completeness of information intended to be used as audit evidence when those attributes are applicable in the circumstances. In progressing the draft standard, the Board suggested clarifications to emphasize that designing and performing audit procedures in an unbiased manner applies to both risk assessment procedures and further audit procedures. The Board also discussed clarifications in the application material to address the meaning of the term “information intended to be used as audit evidence,” given concerns about a disconnect with the wording used in the definition of audit evidence. The Audit Evidence Task Force will present an updated draft of proposed ISA 500 (Revised) for approval for public exposure at the September 2022 IAASB meeting, along with proposed conforming and consequential amendments to other ISAs.

Review the summary, including the podcast, on the IAASB's Web site.