The proposed changes to International Standard on Auditing (ISA) 500 (Revised), Audit Evidence:
- Clarify ISA 500’s purpose and scope and explain its relationship with other standards;
- Provide a principles-based approach to considering and making judgments about information intended to be used as audit evidence and evaluating whether sufficient appropriate audit evidence has been obtained;
- Modernize ISA 500 to be adaptable to the current business and audit environment, while considering scalability for different circumstances, including the entity’s and the auditor’s use of technology, such as automated tools and techniques; and
- Emphasize the role of professional skepticism when making judgments about information intended to be used as audit evidence and evaluating the audit evidence obtained.
The proposed revised standard provides a “reference framework” for auditors when making judgments about audit evidence throughout the audit.
The IAASB is seeking comments on the exposure draft of ISA 500 (Revised).
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore and actively undertakes public consultation with its members and stakeholders. ISCA would hence like to seek views from key stakeholders in Singapore on the above.
ISCA requires all comments to be submitted to email@example.com by 16 December 2022.
Please click here for the IAASB ED.