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ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Information to Be Used as Audit Evidence.....................................A30-A62
Selecting Items for Testing to Obtain Audit Evidence.............................A63-A67
Inconsistency in, or Doubts over Reliability of, Audit Evidence.........................A68
COMPILATION DETAILS
Auditing Standard ASA 500 Audit Evidence (as Amended)
This compilation takes into account amendments made up to and including 10 March 2021 and was prepared on 31 March 2022 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 500 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 500 [A]
27 October 2009
Financial reporting periods commencing on or after 1 January 2010.
ASA 2011‑1 [B]
27 June 2011
Financial reporting periods commencing on or after 1 July 2011.
ASA 2013‑2 [C]
11 November 2013
Financial reporting periods commencing on or after 1 January 2014.
ASA 2015‑1 [D]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2017-2 [E]
30 May 2017
Financial reporting periods commencing on or after 1 January 2018
ASA 2018-1 [F]
5 December 2018
Financial reporting periods commencing on or after 15 December 2019, with early adoption permitted[*].
ASA 2020-1 [G]
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[#]
ASA 2021-1 [H]
10 March 2021
Financial reporting periods commencing on or after 15 December 2022
[A] Federal Register of Legislation – registration number F2009L04084, 13 November 2009
[B] Federal Register of Legislation – registration number F2011L01379, 30 June 2011
[C] Federal Register of Legislation – registration number F2013L01939, 14 November 2013
[D] Federal Register of Legislation – registration number F2015L02032, 16 December 2015
[E] Federal Register of Legislation – registration number F2017L01179, 13 September 2017
[F] Federal Register of Legislation – registration number F2019L00016, 3 January 2019
[G] Federal Register of Legislation – registration number F2020L00252, 13 March 2020
[H] Federal Register of Legislation – registration number F2021L00403, 1 April 2021.
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
A45
Amended
ASA 2011-1 [33]
A51
Amended
ASA 2013-2 [78]
A57
Amended
ASA 2013-2 [79]
5(c)
Amended
ASA 2015‑1 [147]
7
Amended
ASA 2017-2 [54]
A26
Amended
ASA 2017-2 [55]
A34
Addition
ASA 2017-2 [56]
5(d)
Addition
ASA 2018-1 [25]
5(d)Footnote 6
Addition
ASA 2018-1 [25]
5(d)Footnote 7
Addition
ASA 2018-1 [25]
7
Amended
ASA 2018-1 [28]
Heading inserted following the heading “Application and Other Explanatory Material”
Addition
ASA 2018-1 [29]
A1
Addition
ASA 2018-1 [30]
A2
Addition
ASA 2018-1 [31]
A3
Addition
ASA 2018-1 [32]
A4
Addition
ASA 2018-1 [33]
A4Footnote 8
Addition
ASA 2018-1 [33]
A5
Amended
ASA 2018-1 [35]
A13
Amended
ASA 2018-1 [36]
A35
Amended
ASA 2018-1 [37]
Heading inserted following A38
Addition
ASA 2018-1 [38]
A39
Addition
ASA 2018-1 [39]
A39Footnote 19
Addition
ASA 2018-1 [39]
A40
Addition
ASA 2018-1 [40]
A41
Addition
ASA 2018-1 [41]
A42
Addition
ASA 2018-1 [42]
A42Footnotes 20 and 21
Addition
ASA 2018-1 [42]
A43
Addition
ASA 2018-1 [43]
A44
Addition
ASA 2018-1 [44]
A44Footnote 22
Addition
ASA 2018-1 [44]
A46
Amended
ASA 2018-1 [47]
A55Footnote 23
Amended
ASA 2018-1 [48]
A59
Amended
ASA 2018-1 [49]
A5
Amended
ASA 2020-1 [126]
A5Footnote 9
Amended
ASA 2020-1 [127]
A21
Amended
ASA 2020-1 [128]
A5
Amended
ASA 2021-1 [87]
A30
Amended
ASA 2021-1 [88]
AUTHORITY STATEMENT
Auditing Standard ASA 500 Audit Evidence (as amended to 10 March 2021) is set out in paragraphs Aus 0.1 to A68.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 500 Audit Evidence issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑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 the equivalent ISA) are identified with the prefix “Aus”.
The equivalent requirements and related application and other explanatory material included in ISA 500 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISA 500.