Audit Evidence - IAASB

Date recorded:

At its meeting on September 12-16, 2022, the IAASB, after making amendments in response to the Board’s comments received during the meeting, approved the Exposure Draft (ED) of proposed ISA 500 (Revised) and the related conforming and consequential amendments for public exposure. The ED is expected to be issued later in October 2022 with a 180 day comment period. In finalizing the ED, the Board continued to discuss clarifications to the principles-based requirement to evaluate the relevance and reliability of information intended to be used as audit evidence, and the separate requirement to obtain audit evidence about the accuracy and completeness attributes if they are applicable in the circumstances. The Board agreed to explain in the application material that the accuracy and completeness attributes ordinarily will be applicable for information generated internally from the entity’s information system. The Board also discussed guidance in the application material regarding the use of technology, including clarifying that audit procedures can be performed manually or by using automated tools and techniques.

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

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