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Canadian Auditing Standards

Audit Evidence

Summary

The audit environment has changed significantly since Canadian Auditing Standard (CAS) 500, Audit Evidence was issued in 2009.

When the International Auditing and Assurance Standards Board (IAASB) asked stakeholders about the growing use of technology in audit and enhancing audit quality, questions were raised around the world about the reliability of underlying information and the impact of technology on audit evidence. In today’s world, these changes in the audit environment are prompting us to ask:

  • What qualifies as audit evidence?
  • What makes audit evidence reliable?
  • How much audit evidence is needed?
  • How is professional skepticism applied and demonstrated, especially when evidence is inconsistent or contradictory?

Staff Contact(s)

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

Phone number  +1 416 204 3298
Email address  [email protected]

Project Status

  • Information gathering

    Audit Evidence Information Gathering and Targeted Outreach Activities January 2020 – IFAC Member Bodies and NSS comment deadline was April 17, 2020

    AASB submitted its response to the IAASB’s Information Gathering Paper

    IAASB deliberated feedback received on the Information Gathering Paper

  • Approving project

    The IAASB approved project proposal in December 2020

  • Consulting stakeholders

    IAASB issued Exposure Draft – ISA 500, Audit Evidence on October 23, 2022

    AASB Exposure Draft – “CAS 500, Audit Evidence” issued on November 23, 2022

    Exposure Draft
  • Deliberating feedback
  • Final pronouncement

On-demand Webinar – Exposure Draft – CAS 500, Audit Evidence

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

Watch

Respond to the Exposure Draft

Respond to CAS 500, Audit Evidence by submitting a comment letter (in a Word file) by March 15, 2023.

Submit Comment

News

December 13, 2022 Webinar, Resource
On-demand Webinar – Exposure Draft – CAS 500, Audit Evidence

Are you interested in hearing about the proposed changes to CAS 500, Audit Evidence? Watch the recorded webinar, hosted by CPA Canada, to learn about the subject from members of the AASB’s Audit Evidence Advisory Group.

November 23, 2022 Document for Comment
AASB Exposure Draft – CAS 500, Audit Evidence

Share your views on the revisions to CAS 500, Audit Evidence. The proposed changes are now available for stakeholders to provide input. Read the full proposed standard and the related conforming and consequential amendments and respond to the Exposure Draft by March 15, 2023.

November 8, 2022 International Activity
IAASB issues Exposure Draft of ISA 500, Audit Evidence

The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft of International Standard on Auditing (ISA) 500, Audit Evidence and the related proposed conforming and consequential amendments to other ISAs. The standard provides a “reference framework” for auditors when making judgments about audit evidence throughout the audit. The IAASB invites all stakeholders to comment on the Exposure Draft via the IAASB website. Comments are requested by April 24, 2023.

Meeting & event summaries

November 15, 2022 AASB Decision Summary – October 25, 2022

The AASB discussed issues related to the International Auditing and Assurance Standards Board’s (IAASB) project to revise International Standard on Auditing (ISA) 500, Audit Evidence.

Key issues included:

  • the revisions the IAASB made to the proposed changes to ISA 500 in finalizing its exposure draft; 
  • the conforming and consequential amendments related to ISA 500;
  • the matters related to the Canadian Exposure Draft, including the comment period and fatal-flaw review of the French translation; and
  • a review of the Canadian wrap-around document to be issued as part of the Canadian exposure draft.

The AASB approved the exposure draft, which it expects to issue in late November 2022, with a comment deadline of March 15, 2023.

October 3, 2022 AASB Decision Summary – September 8-9 2022

The AASB discussed issues related to the International Auditing and Assurance Standards Board’s (IAASB) proposed revisions to International Standard on Auditing (ISA) 500, Audit Evidence. Key issues included:

  • a full review of proposed ISA 500;
  • the conforming and consequential amendments related to ISA 500;
  • the exposure period and the proposed implementation period; and
  • the topics to be covered in the explanatory memorandum accompanying the exposure draft of ISA 500.

The IAASB expects to approve an exposure draft at its September 2022 meeting. The AASB would then approve a Canadian exposure draft shortly after.

June 27, 2022 AASB Decision Summary – June 6-7 2022

The AASB discussed the International Auditing and Assurance Standards Board’s (IAASB) proposed revisions to International Standard on Auditing (ISA) 500, Audit Evidence. Key issues discussed included:

  • the objectives of the standard;
  • the definition for audit evidence;
  • the addition of general information technology control examples in the standard;
  • the inclusion of a diagram on ISA 500 in the explanatory memorandum to the exposure draft; and
  • the conforming amendments related to ISA 500.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.