ISA 500 – Audit Evidence


International Standard on Auditing 500: Audit Evidence provides guidance on auditor’s key duty i.e. gathering sufficient appropriate audit evidence. From procedures to be applied to making interpretations this standard bridges auditor’s objective requirement to auditor’s reporting.

Executive Summary

ISA 500 must be read with ISA 314 and ISA 330 as this standard provides how risk assessment procedures and responsive procedures should be applied and what audit evidence should be collected. It lists down different type of procedures that can be used for different purposes and how financial statements and assertion levels are connected.