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ISA 500: Audit evidence

The auditing standard ISA 500 explains what constitutes audit evidence in audits of financial statements and looks at the auditor's responsibilities in obtaining appropriate audit evidence. Find articles, books and online resources providing quick links to the standard, guidance and recent developments.

Full standard

ISA (UK) 500: Audit evidence (Updated January 2020)
As issued by the Financial Reporting Council (FRC) in January 2020.

The International Standards on Auditing (UK and Ireland) issued by the FRC are based on the International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC).

2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
Latest edition of the handbook published by the IAASB.

FRC guidance

Feedback Statement and Impact Assessment: Withdrawal of Practice Note 16
Withdrawal of Practice Note 16 issued by the FRC and updated in February 2011.

Further ICAEW support

Audit and assurance
Technical information, guidance and events on clarified ISAs, working in the regulated area of audit, the future of audit, gaining audit rights in the UK and the audit quality forum.

Audit and Assurance Faculty
The faculty gives members a comprehensive package of essential guidance and technical advice. It produces a monthly newsletter with the latest thinking, technical bulletins and regulatory updates, and member-only events.

Group dynamics
Group audits can be challenging for group and component auditors. This article from Audit & Beyond, the magazine of the Audit and Assurance Faculty, offers some practical advice on how to avoid or overcome some of the more common problems. Published in June 2014.

Cogent communication
Audit documentation is an area where the gap between theory and practice can be difficult to close. In theory, simply recording what audit work has been done should not be hard. In practice, it is a challenge. This article was published in the November 2013 issue of Audit & Beyond.

Documenting with confidence
It is clear that practitioners are grappling with performing the most cost-effective audits while producing files that are fully compliant with the standards. This article from Audit & Beyond, September 2011, offers tips on documentation best practice and pitfalls to avoid.


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Audit and assurance essentials for professional accountancy exams
Katharine Bagshaw (Wiley, 2013)
This primer on the key concepts of professional auditing and assurance syllabuses has a section on audit evidence. It outlines the definition of audit evidence, risk assessment procedures, what counts as sufficient and appropriate evidence and the types of audit procedure.

Frequently asked questions in ISAs
Steven Collings (Wiley, 2014)
This book addresses key areas where audit firms are failing which have been flagged up by audit regulators. It includes a chapter on what constitutes audit evidence and how it is gathered, with examples. The chapter covers the procedures generating audit evidence, the factors that determine whether evidence is sufficient and appropriate and the issue of recurring audits.

Articles and books in the Library collection

Selected books

Implementing GAAS 2015-16
Ian Connon and Helen MacNeil (Wolters Kluwer, 2016)
Implementing GAAS 2015-16 (Generally Accepted Auditing Standards) provides guidance on current UK auditing standards and the supporting Practice Notes, Bulletins and other material. The annually updated title contains examples, illustrations of recent reports and discussion of problem areas, including a chapter on audit evidence with example letters and forms.

The audit process: Principles, practice and cases
Iain Gray and Stuart Manson (Cengage Learning, 2011)
An introduction to the principles and practice of auditing, with a chapter explaining the search for audit evidence. It looks at the reliability of evidence and grades of audit evidence as well as the evidential requirements at each stage of the audit process.

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