What the Project Aims to Achieve
The Audit Evidence and Risk Response project addresses the concurrent revision of:
- ISA 330, The Auditor’s Responses to Assessed Risks,
- ISA 500, Audit Evidence, and
- ISA 520, Analytical Procedures.
The Audit Evidence and Risk Response project integrates the cumulative work on the Audit Evidence project, from the September 2023 IAASB meeting through March 2024. More information about the Audit Evidence project can be found here.
The Audit Evidence and Risk Response project aims to modernize these three standards, with three principal objectives:
- Enhance the application of professional judgment and professional skepticism exercised by auditors:
- When making judgments about information to be used as audit evidence, and evaluating whether sufficient appropriate audit evidence has been obtained; and
- When designing and implementing overall responses or designing and performing further audit procedures in response to assessed risks of material misstatement.
- Promote consistent practice and auditor behavior, by facilitating effective responses to risks of material misstatement, by strengthening auditors' work on internal controls, reflecting the importance of an effective system of internal control to an entity.
- Facilitate, and where appropriate, encourage, auditors' use of technology to obtain audit evidence and evaluate its sufficiency and appropriateness, reflecting the impact of technology on entities and auditors.
Project Timeline
The following table sets out the project timeline. Please note that these are current targeted milestones may change as the work progresses.
Current Status of the Project
Refer to the IAASB's "Latest on Our Projects" page for the latest status of the Risk Response Workstream.
IAASB Staff Contacts
Focus Group Members
Project Stages
Content