Practitioner’s pulse (December 2022): Proposed Changes to the Audit Evidence Standard

With the evolution in the variety of information available to auditors and the greater use of technology, CAS 500, Audit Evidence is being revised. Changes in the source of information and how the information is processed, communicated and used requires the auditor to apply appropriate audit procedures before accepting the information as audit evidence. The revisions to this standard aim to modernize how the standard deals with the variety of information available to an auditor, and the various sources of such information. The revisions also recognize the use of technology – both in the context of an entity’s use of technology in preparing the financial statements and in generating other underlying information – and the auditor’s use of technology in performing audit procedures.

During this webinar, you will learn about the proposed changes to:

• the definition of audit evidence;
• using information from various sources;
• evaluating the relevance and reliability of information intended to be used as audit evidence;
• concluding whether sufficient appropriate audit evidence has been obtained; and
• dealing with inconsistencies in audit evidence.

For more information about these proposed changes, follow developments on the following project pages:

• Canadian Auditing and Assurance Standards Board (AASB) Audit Evidence (frascanada.ca)
• International Auditing and Assurance Standards Board (IAASB) Audit Evidence | IFAC (iaasb.org)

Listen to this webinar to hear how the Auditing and Assurance Standards Board (AASB) is proposing to change CAS 500, Audit Evidence.

• All practitioners who perform audits of financial statements, including engagement team members responsible for auditing general IT controls
• business professionals involved in corporate and organizational reporting
• board members and members of audit committees