Section Information to Be Used as Audit Evidence - ASA 500 - Audit Evidence - October 2009 - Information to Be Used as Audit Evidence

Information to Be Used as Audit EvidenceInformation to Be Used as Audit Evidence

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When designing and performing audit procedures, the auditor shall consider the relevance and reliability of the information to be used as audit evidence, including information obtained from an external information source. (Ref: Para. A30‑A44)
If information to be used as audit evidence has been prepared using the work of a management’s expert, the auditor shall, to the extent necessary, having regard to the significance of that expert’s work for the auditor’s purposes: (Ref: Para. A45‑A47)
1. Evaluate the competence, capabilities and objectivity of that expert; (Ref: Para. A48‑A54)
2. Obtain an understanding of the work of that expert; and (Ref: Para. A55‑A58)
3. Evaluate the appropriateness of that expert’s work as audit evidence for the relevant assertion. (Ref: Para. A59)
When using information produced by the entity, the auditor shall evaluate whether the information is sufficiently reliable for the auditor’s purposes, including as necessary in the circumstances:
1. Obtaining audit evidence about the accuracy and completeness of the information; and (Ref: Para. A60‑A61)
2. Evaluating whether the information is sufficiently precise and detailed for the auditor’s purposes. (Ref: Para. A62)