ISA 500 – Audit evidence

The ISA explains what constitutes audit evidence in an audit of financial statements and deals with the auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion.

ISA 500 deals with objective and requirements relating to the audit evidence. Such requirements include:

·        Information to Be Used as Audit Evidence.

·        Means of selecting items for testing g to Obtain Audit Evidence.

·        Procedures in relation to inconsistency in, or doubts over reliability of, audit evidence.


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