At its meeting on March 14-18 and 23, 2022, the IAASB considered the first full draft of proposed ISA 500 (Revised). Although broadly supportive of the direction of the proposals, the Board asked the Audit Evidence Task Force to further explore and clarify the purpose or role of proposed ISA 500 (Revised) in relation to the auditor’s responsibility to design and perform audit procedures, including its relationship with the other ISAs. The Board also provided direction on the meaning of the term “auditor’s purposes” in the proposed standard. In addition, the Board asked the Audit Evidence Task Force to further consider the proposed definitions, including whether in all cases information needs to be subject to audit procedures to become audit evidence. The Audit Evidence Task Force will update the draft proposed ISA 500 (Revised) based on Board members’ feedback and will provide an updated draft to the Board for discussion at the June 2022 IAASB meeting.

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