ISA 500

ISA 500 – Objective

The objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion.

ISA 500 – Definitions

For purposes of the ISAs, the following terms have the meanings attributed below:

Accounting records: The records of initial accounting entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries; and records such as work sheets and spreadsheets supporting cost allocations, computations, reconciliations and disclosures … Continue reading

ISA 500 – Requirements

Sufficient Appropriate Audit Evidence

The auditor shall design and perform audit procedures that are appropriate in the circumstances for the purpose of obtaining sufficient appropriate audit evidence … Continue reading

How to obtain Audit Evidence

Audit evidence to draw reasonable conclusions on which to base the auditor’s opinion is obtained by performing … Continue reading

Relevance and Reliability of Evidence

The quality of all audit evidence is affected by the relevance and reliability of the information upon which it is based.
Relevance deals with the logical connection with, or bearing upon, the purpose of the audit procedure and, where appropriate, the assertion under consideration. The relevance of information to be used as audit evidence may be affected by the direction of testing … Continue reading


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