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?
The objectives of the project are to:
- Explore issues relevant to audit evidence, including those arising from technology, professional skepticism, and the growing number of sources of information available to auditors.
- Identify and implement actions to address these issues, which may include revisions to CAS 500, or other actions, such as non-authoritative guidance.
This project follows activities of the IAASB being undertaken to understand whether revisions to ISA 500, Audit Evidence, are required to address changes to the audit environment.