Sa 500

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Standard on Auditing (SA) 500 (Revised)* Audit Evidence
CONTENTS Paragraph(s) Introduction Scope of this SA .........................................................................................................................................................1-2 Effective Date ................................................................................................................. ............................................... 3 Objective ........................................................................................................................ .............................................. 4 Definitions .................................................................................................................................................................... 5 Requirements Sufficient Appropriate Audit Evidence ........................................................................... ................................................ 6 Information to Be Used as Audit Evidence .................................................................................................................7-9 Selecting Items for Testing to Obtain Audit Evidence .................................................... ............................................. 10 Inconsistency in, or Doubts over Reliability of, Audit Evidence ................................................................................... 11 Application and Other Explanatory Material Sufficient Appropriate Audit Evidence ........................................................................... ...................................... A1-A25 Information to Be Used as Audit Evidence ................................. ..................................................................... A26-A51 Selecting Items for Testing to Obtain Audit Evidence ................ ................................... ................................... A52-A56 Inconsistency in, or Doubts over Reliability of, Audit Evidence .................................................................................A57

Proposed Standard on Auditing (SA) 500 (Revised), “Audit Evidence” should be read in the context of the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services”1, whichsets out the authority of SAs.

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Hitherto known as SA 500 (AAS 5) “Audit Evidence”. Published in the July, 2007 issue of the Journal.

Introduction
Scope of this SA
1. This Standard on Auditing (SA) explains what constitutes audit evidence in an audit of financial statements, and deals with the auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion. 2. This SA is applicable to all the audit evidence obtained during the course of the audit. Other SAs deal with specific aspects of the audit (for example, SA 3152), the audit evidence to be obtained in relation to a particular topic (for example, SA 570 (Revised) 3), specific procedures to obtain audit evidence (for example, Proposed SA 520 (Revised) 4), and the evaluation of whether sufficient appropriate audit evidence has been obtained (Proposed SA 200 (Revised) 5 and SA 3306).

Effective Date
3. This SA is effective for audits of financial statements for periods beginning on or after April 1, 2009.

Objective
4. The objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion.

Definitions
5. For purposes of the SAs, the following terms have the meanings attributed below:

(a) Accounting records – The records of initial accounting entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary...
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