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Canadian Auditing Standards

AASB Exposure Draft – CAS 500, Audit Evidence


The current audit evidence standard was issued almost 15 years ago. The way business is conducted has evolved and become more complex. In particular, developments in technology have affected how entities operate and process information, and how audits are performed. In December 2020, the International Auditing and Assurance Standards Board (IAASB) initiated a project to revise ISA 500, Audit Evidence, to respond to the changes in the business environment. 

The IAASB has now issued an Exposure Draft of ISA 500 and the related conforming and consequential amendments. In addition, the IAASB’s Exposure Draft also includes an Explanatory Memorandum, which provides background to, and an explanation for, the proposed revisions to extant ISA 500.

The AASB plans, subject to comments received following exposure, to adopt proposed International Standard on Auditing (ISA) 500 (Revised), Audit Evidence, and the proposed conforming and consequential amendments to other ISAs. The result would be revised respective Canadian Auditing Standards (CASs).

We want to hear from you. Share your feedback on this Exposure Draft and help to finalize this foundational standard.

Staff Contact(s)

Birender Gill, CPA, CA Principal, Auditing and Assurance Standards Board

On-demand Webinar

Watch the recorded webinar for an overview of the proposed changes to CAS 500, Audit Evidence.