The International Auditing and Assurance Standards Board (IAASB) is consulting on proposed revisions to three of its core international audit standards:
- ISA 330 The Auditor's Responses to Assessed Risks
- ISA 500 Audit Evidence
- SA 520 Analytical Procedures
IAASB chair Tom Seidenstein stated "With the benefit of stakeholder input and when finalised, the revised standards will further enhance a principles-based, risk-based audit framework that provides a stable foundation for high-quality audits while remaining flexible enough to support innovation as technology continues to evolve.”
The draft revisions also seek to establish a comprehensive basis for judgments about audit evidence, strengthen auditors' responses to assessed risks, and align concepts and principles across the auditor risk assessment.
The public consultation is open until 15 December.