IAASB Advances ISA 500-Series Audit Evidence Project

Posted 30 October 2026 Written by Acts Online
Category Auditing

Brought to you by SA Accounting Academy: Under the auditing pronouncements framework applicable in South Africa pursuant to the Auditing Profession Act, No. 26 of 2005, the International Auditing and Assurance Standards Board (IAASB) has announced targeted amendments to standards within its ISA 500 series governing audit evidence.

The IAASB project aims to revise two substantive audit evidence standards to align with recent foundational revisions across the International Standards on Auditing suite. Specifically, the revisions will harmonize requirements with:

  • ISA 315 (Revised 2019): Identifying and Assessing the Risks of Material Misstatement;
  • Proposed ISA 330 (Revised): The Auditor’s Responses to Assessed Risks; and
  • Proposed ISA 500 (Revised): Audit Evidence.

The standard-setter is currently developing the project proposals, with the formal Exposure Draft targeted for release in December 2026. Because the Independent Regulatory Board for Auditors (IRBA) adopts IAASB standards for use by registered auditors in South Africa, these revisions will directly impact local assurance engagements upon finalization and IRBA adoption.

Click here to access the IAASB ISA 500-Series Project page.

What this means for you, your business, or your clients

  • For yourself: Registered auditors and technical reviewers must track the December 2026 Exposure Draft release to evaluate how revised audit evidence thresholds will affect engagement-level working papers and documentation.
  • For your business: Audit and assurance firms must plan medium-term updates to their internal audit methodologies, quality management systems (ISQM 1), and sampling/evidence gathering templates to conform with forthcoming ISA 500-series standards.
  • For your clients: Assurance clients will face updated evidence and information requests as engagement teams adapt procedures to conform with aligned risk assessment and evidence-gathering standards.

Originally published at https://accountingacademy.co.za/news/read/iaasb-isa-500-series-project

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