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IAASB: ISA 500-series Project
- 30 October 2026
- Accounting
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has proposed amendments to 2 audit evidence standards, and is currently developing the related exposure draft for issue in December 2026.
Article:
The IAASB 500 Series project aims to revise the following audit evidence standards in the ISA 500 Series:
- ISA 501, Audit Evidence —Specific Considerations for Selected Items — only related to inventory; and
- ISA 505, External Confirmations.
In revising the standards, with a focus on delivering standards that respond to stakeholders’ needs and on more closely aligning with the concepts and requirements in foundational ISAs (e.g., ISA 315 (Revised 2019), proposed ISA 330 (Revised) and proposed ISA 500 (Revised)), the IAASB seeks to:
- Modernize audit evidence standards related to inventory and external confirmations to reflect more appropriately the business and audit environment, including the implications of the use of technology by entities, auditors and organizations they interact with.
- Promote consistent practice and behaviour in obtaining and evaluating audit evidence about inventory and from external confirmation procedures, including reinforcing the appropriate exercise of professional skepticism in relation to these topics.
The Exposure Draft is expected to be issued in December 2026.
Approval is expected in March 2028.
Click here to access more information:
https://www.iaasb.org/consultations-projects/isa-500-series
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised and proposed auditing and assurance standards that are approved as well as when they become effective.
- Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the IAASB.