Table of AmendmentsTable of Amendments

##### Table of Amendments | Paragraph affected | How affected | By … [paragraph] | | ------------------ | ------------ | ---------------- | | Aus 0.1(a) | Amended | ASA 2011-1 [34] | | A4 | Amended | ASA 2020-1 [129] | | A3 | Amended | ASA 2022-1 [33] | | A3Footnote 4 | Deleted | ASA 2022-1 [33] | ## AUTHORITY STATEMENT Auditing Standard ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A27. 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 the Inventory and Segment Information sections (paragraphs 1-8, 13, A1-A16 and A26-A27) of International Standard on Auditing ISA 501 Audit Evidence—Specific Considerations for Selected Items, issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC). The other paragraphs of ISA 501 relating to Litigation and Claims (paragraphs 9-12 and A17-A25) are incorporated into ASA 502 Audit Evidence—Specific Considerations for Litigation and Claims. The AUASB has decided to continue to issue ASA 502 as a separate Auditing Standard, in the same way that the previous standard, ASA 508 Enquiry Regarding Litigation and Claims (April 2006), is a separate standard. ASA 508 contains requirements and guidance that the AUASB considers important to carry forward in the Australian Auditing Standards, and as a result, the revised standard is better suited to presentation as a separate standard. This Auditing Standard, ASA 501, contains all the requirements and guidance contained in ISA 501 relating to Inventory and Segment Information. 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”. Compliance with this Auditing Standard, in conjunction with ASA 502, enables compliance with ISA 501.