Nov13 Compiled Auditing Standard ASA 500 - AUASB
Compiled Auditing StandardASA 500(November 2013)Auditing Standard ASA 500Audit EvidenceEDThis compilation was prepared on 11 November 2013 taking into account amendments made byASA 2011-1 and ASA 2013-2SUPERSEDPrepared by the Auditing and Assurance Standards Board
Obtaining a Copy of this Auditing StandardThe most recently compiled versions of Auditing Standards, original Standards and amendingStandards (see Compilation Details) are available on the AUASB website: www.auasb.gov.auContact DetailsAuditing and Assurance Standards BoardLevel 7, 600 Bourke StreetMelbourne Victoria 3000AUSTRALIAPhone: (03) 8080 7400Fax:(03) 8080 7450E-mail: enquiries@auasb.gov.auRSEDEDPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIAPECOPYRIGHTSU 2013 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australiancopyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining thisnotice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source asbeing the Australian Auditing and Assurance Standards Board (AUASB).Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed tothe Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, MelbourneVictoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this Auditing Standard may be reproduced, stored ortransmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by theInternational Auditing and Assurance Standards Board (IAASB) and published by the International Federation ofAccountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. TheAUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in thisAuditing Standard throughout the world.All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retainingthis notice) is permitted for personal and non-commercial use only.Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outsideAustralia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, CollinsStreet West, Melbourne Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may alsorequire the agreement of IFAC.ISSN 1833-4393ASA 500 - compiled-2-AUDITING STANDARD
Auditing Standard ASA 500Audit EvidenceCONTENTSCOMPILATION DETAILSAUTHORITY STATEMENTCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITINGParagraphsApplication . Aus 0.1-Aus 0.2Operative Date . Aus 0.3IntroductionEDScope of this Auditing Standard . 1-2Effective Date .3Objective .4Definitions .5EDRequirementsSufficient Appropriate Audit Evidence .6Information to Be Used as Audit Evidence . 7-9RSSelecting Items for Testing to Obtain Audit Evidence .10Inconsistency in, or Doubts over Reliability of, Audit Evidence .11Application and Other Explanatory MaterialSufficient Appropriate Audit Evidence .A1-A25PEInformation to Be Used as Audit Evidence .A26-A51Selecting Items for Testing to Obtain Audit Evidence .A52-A56SUInconsistency in, or Doubts over Reliability of, Audit Evidence . A57ASA 500 - compiled-3-AUDITING STANDARD
Auditing Standard ASA 500Audit EvidenceCOMPILATION DETAILSAuditing Standard ASA 500 Audit Evidence (as Amended)This compilation takes into account amendments made up to and including 11 November 2013 andwas prepared on 11 November 2013 by the Auditing and Assurance Standards Board (AUASB).This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is arepresentation of ASA 500 (October 2009) as amended by other Auditing Standards which are listedin the Table below.Table of StandardsDate madeOperative Date[A]27 October 2009ASA 2011-1[B]27 June 2011ASA 2013-2[C]11 November 2013financial reporting periodscommencing on or after1 January 2010financial reporting periodscommencing on or after1 July 2011financial reporting periodscommencing on or after1 January 2014EDASA 500EDStandardFederal Register of Legislative Instruments – registration number F2009L04084,13 November 2009[B]Federal Register of Legislative Instruments – registration number F2011L01379,30 June 2011[C]Federal Register of Legislative Instruments – registration number F2013L01939,14 November 2013PERS[A]SUTable of AmendmentsParagraph affectedHow affectedBy [paragraph]A51A57AmendedAmendedASA 2013-2 [78]ASA 2013-2 [79]ASA 500 - compiled-4-AUDITING STANDARD
Auditing Standard ASA 500Audit EvidenceAUTHORITY STATEMENTAuditing Standard ASA 500 Audit Evidence (as amended to 11 November 2013) is set out inparagraphs Aus 0.1 to A57.SUPERSDated: 11 November 2013EDEDThis Auditing Standard is to be read in conjunction with ASA 101 Preamble to AustralianAuditing Standards, which sets out the intentions of the AUASB on how the Australian AuditingStandards, operative for financial reporting periods commencing on or after 1 January 2010, areto be understood, interpreted and applied. This Auditing Standard is to be read also inconjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of anAudit in Accordance with Australian Auditing Standards.ASA 500 - compiled-5-AUDITING STANDARD
Auditing Standard ASA 500Audit EvidenceConformity with International Standards on AuditingThis Auditing Standard conforms with International Standard on Auditing ISA 500 Audit Evidenceissued by the International Auditing and Assurance Standards Board (IAASB), an independentstandard-setting board of the International Federation of Accountants (IFAC).Paragraphs that have been added to this Auditing Standard (and do not appear in the text of theequivalent ISA) are identified with the prefix “Aus”.SUPERSEDEDCompliance with this Auditing Standard enables compliance with ISA 500.ASA 500 - compiled-6-AUDITING STANDARD
AUDITING STANDARD ASA 500The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 500 AuditEvidence pursuant to section 227B of the Australian Securities and Investments Commission Act 2001and section 336 of the Corporations Act 2001, on 27 October 2009.This compiled version of ASA 500 incorporates subsequent amendments contained in other AuditingStandards made by the AUASB up to and including 11 November 2013 (see Compilation Details).AUDITING STANDARD ASA 500ApplicationThis Auditing Standard applies to:an audit of a financial report for a financial year, or an audit of a financialreport for a half-year, in accordance with the Corporations Act 2001; and(b)an audit of a financial report, or a complete set of financial statements, for anyother purpose.This Auditing Standard also applies, as appropriate, to an audit of other historicalfinancial information.Operative DateThis Auditing Standard is operative for financial reporting periods commencing on orafter 1 January 2010. [Note: For operative dates of paragraphs changed or added by an AmendingPEAus 0.3RSAus 0.2(a)EDAus 0.1EDAudit EvidenceStandard, see Compilation Details.]Introduction1.2.12345SUScope of this Auditing StandardThis Auditing Standard explains what constitutes audit evidence in an audit of a financialreport, and deals with the auditor’s responsibility to design and perform audit procedures toobtain sufficient appropriate audit evidence to be able to draw reasonable conclusions onwhich to base the auditor’s opinion.This Auditing Standard is applicable to all the audit evidence obtained during the course of theaudit. Other Auditing Standards deal with specific aspects of the audit (for example,ASA 3151), the audit evidence to be obtained in relation to a particular topic (for example,ASA 5702), specific procedures to obtain audit evidence (for example, ASA 5203), and theevaluation of whether sufficient appropriate audit evidence has been obtained (ASA 2004 andASA 3305).See ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment.See ASA 570 Going Concern.See ASA 520 Analytical Procedures.See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian AuditingStandards.See ASA 330 The Auditor’s Responses to Assessed Risks.ASA 500 - compiled-7-AUDITING STANDARD
Auditing Standard ASA 500Audit EvidenceEffective Date3.[Deleted by the AUASB. Refer Aus 0.3]Objective4.The objective of the auditor is to design and perform audit procedures in such a way as toenable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonableconclusions on which to base the auditor’s opinion.DefinitionsFor the purposes of this Auditing Standard, the following terms have the meanings attributedbelow:Accounting records means the records of initial accounting entries and supportingrecords, such as cheques and records of electronic fund transfers; invoices; contracts;the general and subsidiary ledgers, journal entries and other adjustments to thefinancial report that are not reflected in journal entries; and records such as worksheets and spreadsheets supporting cost allocations, computations, reconciliations anddisclosures.(b)Appropriateness (of audit evidence) means the measure of the quality of auditevidence; that is, its relevance and its reliability in providing support for theconclusions on which the auditor’s opinion is based.(c)Audit evidence means information used by the auditor in arriving at the conclusionson which the auditor’s opinion is based. Audit evidence includes both informationcontained in the accounting records underlying the financial report and otherinformation.(d)Management’s expert means an individual or organisation possessing expertise in afield other than accounting or auditing, whose work in that field is used by the entityto assist the entity in preparing the financial report.(e)Sufficiency (of audit evidence) means the measure of the quantity of audit evidence.The quantity of the audit evidence needed is affected by the auditor’s assessment ofthe risks of material misstatement and also by the quality of such audit evidence.PERSEDED(a)SU5.RequirementsSufficient Appropriate Audit Evidence6.The auditor shall design and perform audit procedures that are appropriate in thecircumstances for the purpose of obtaining sufficient appropriate audit evidence.(Ref: Para. A1-A25)Information to Be Used as Audit Evidence7.When designing and performing audit procedures, the auditor shall consider the relevance andreliability of the information to be used as audit evidence. (Ref: Para. A26-A33)8.If information to be used as audit evidence has been prepared using the work of amanagement’s expert, the auditor shall, to the extent necessary, having regard to thesignificance of that expert’s work for the auditor’s purposes: (Ref: Para. A34-A36)(a)Evaluate the competence, capabilities and objectivity of that expert; (Ref: Para. A37-A43)(b)Obtain an understanding of the work of that expert; and (Ref: Para. A44-A47)ASA 500 - compiled-8-AUDITING STANDARD
Auditing Standard ASA 500Audit Evidence(c)9.Evaluate the appropriateness of that expert’s work as audit evidence for the relevantassertion. (Ref: Para. A48)When using information produced by the entity, the auditor shall evaluate whether theinformation is sufficiently reliable for the auditor’s purposes, including as necessary in thecircumstances:(a)Obtaining audit evidence about the accuracy and completeness of the information; and(Ref: Para. A49-A50)(b)Evaluating whether the information is sufficiently precise and detailed for theauditor’s purposes. (Ref: Para. A51)Selecting Items for Testing to Obtain Audit EvidenceWhen designing tests of controls and tests of details, the auditor shall determine means ofselecting items for testing that are effective in meeting the purpose of the audit procedure.ED10.(Ref: Para. A52-A56)Inconsistency in, or Doubts over Reliability of, Audit EvidenceIf:ED11.(a)audit evidence obtained from one source is inconsistent with that obtained fromanother; or(b)the auditor has doubts over the reliability of information to be used as audit evidence,***SUPERSthe auditor shall determine what modifications or additions to audit procedures are necessaryto resolve the matter, and shall consider the effect of the matter, if any, on other aspects of theaudit. (Ref: Para. A57)ASA 500 - compiled-9-AUDITING STANDARD
Auditing Standard ASA 500Audit EvidenceApplication and Other Explanatory MaterialSufficient Appropriate Audit Evidence (Ref: Para. 6)Audit evidence is necessary to support the auditor’s opinion and report. It is cumulative innature and is primarily obtained from audit procedures performed during the course of theaudit. It may, however, also include information obtained from other sources such as previousaudits (provided the auditor has determined whether changes have occurred since the previousaudit that may affect its relevance to the current audit)6 or a firm’s quality control proceduresfor client acceptance and continuance. In addition to other sources inside and outside theentity, the entity’s accounting records are an important source of audit evidence. Also,information that may be used as audit evidence may have been prepared using the work of amanagement’s expert. Audit evidence comprises both information that supports andcorroborates management’s assertions, and any information that contradicts such assertions.In addition, in some cases the absence of information (for example, management’s refusal toprovide a requested representation) is used by the auditor, and therefore, also constitutes auditevidence.A2.Most of the auditor’s work in forming the auditor’s opinion consists of obtaining andevaluating audit evidence. Audit procedures to obtain audit evidence can include inspection,observation, confirmation, re-calculation, re-performance and analytical procedures, often insome combination, in addition to enquiry. Although enquiry may provide important auditevidence, and may even produce evidence of a misstatement, enquiry alone ordinarily does notprovide sufficient audit evidence of the absence of a material misstatement at the assertionlevel, nor of the operating effectiveness of controls.A3.As explained in ASA 200,7 reasonable assurance is obtained when the auditor has obtainedsufficient appropriate audit evidence to reduce audit risk (that is, the risk that the auditorexpresses an inappropriate opinion when the financial report is materially misstated) to anacceptably low level.A4.The sufficiency and appropriateness of audit evidence are interrelated. Sufficiency is themeasure of the quantity of audit evidence. The quantity of audit evidence needed is affectedby the auditor’s assessment of the risks of misstatement (the higher the assessed risks, themore audit evidence is likely to be required) and also by the quality of such audit evidence(the higher the quality, the less may be required). Obtaining more audit evidence, however,may not compensate for its poor quality.A5.A6.678SUPERSEDEDA1.Appropriateness is the measure of the quality of audit evidence; that is, its relevance and itsreliability in providing support for the conclusions on which the auditor’s opinion is based.The reliability of evidence is influenced by its source and by its nature, and is dependent onthe individual circumstances under which it is obtained.ASA 330 requires the auditor to conclude whether sufficient appropriate audit evidence hasbeen obtained.8 Whether sufficient appropriate audit evidence has been obtained to reduceaudit risk to an acceptably low level, and thereby enable the auditor to draw reasonableconclusions on which to base the auditor’s opinion, is a matter of professional judgement.ASA 200 contains discussion of such matters as the nature of audit procedures, the timelinessof financial reporting, and the balance between benefit and cost, which are relevant factorswhen the auditor exercises professional judgement regarding whether sufficient appropriateaudit evidence has been obtained.See ASA 315, paragraph 9.See ASA 200, paragraph 5.See ASA 330, paragraph 26.ASA 500 - compiled- 10 -AUDITING STANDARD
Auditing Standard ASA 500Audit EvidenceSources of Audit EvidenceSome audit evidence is obtained by performing audit procedures to test the accountingrecords, for example, through analysis and review, reperforming procedures followed in thefinancial reporting process, and reconciling related types and applications of the sameinformation. Through the performance of such audit procedures, the auditor may determinethat the accounting records are internally consistent and agree to the financial report.A8.More assurance is ordinarily obtained from consistent audit evidence obtained from differentsources or of a different nature than from items of audit evidence considered individually. Forexample, corroborating information obtained from a source independent of the entity mayincrease the assurance the auditor obtains from audit evidence that is generated internally,such as evidence existing within the accounting records, minutes of meetings, or amanagement representation.A9.Information from sources independent of the entity that the auditor may use as audit evidencemay include confirmations from third parties, analysts’ reports, and comparable data aboutcompetitors (benchmarking data).EDA7.Audit Procedures for Obtaining Audit EvidenceA12.A13.9EDRisk assessment procedures; and(b)Further audit procedures, which comprise:RS(a)(i)Tests of controls, when required by the Australian Auditing Standards or whenthe auditor has chosen to do so; and(ii)Substantive procedures, including tests of details and substantive analyticalprocedures.PEA11.As required by, and explained further in, ASA 315 and ASA 330, audit evidence to drawreasonable conclusions on which to base the auditor’s opinion is obtained by performing:The audit procedures described in paragraphs A14-A25 below may be used as risk assessmentprocedures, tests of controls or substantive procedures, depending on the context in which theyare applied by the auditor. As explained in ASA 330, audit evidence obtained from previousaudits may, in certain circumstances, provide appropriate audit evi
Compiled Auditing Standard ASA 500 (November 2013) Auditing Standard ASA 500 Audit Evidence . This compilation was prepared on 11 November 2013 taking into account amendments made by ASA 2011-1 and ASA 2013-2 . Prepared by the . Auditing and Assurance Standards Board. SUPERSEDED
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