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IAASB: Proposed Revisions to Core Standards
- 12 August 2026
- Miscellaneous
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has proposed Revisions to 3 Core Standards to Enhance Risk-Based Audit Framework and Address Technological Advances.
Article:
The proposed revisions, when finalized, will complete an important phase of the IAASB's decade-long modernization of the International Standards on Auditing:
- Address revisions related to audit evidence and risk response, foundational aspects of an audit - by building on recent revisions, including ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement
- The proposals further embed, clarify and strengthen a principles-based, risk-based audit framework to support consistent, high-quality audits
- The revisions also address the increased use of technology in business, financial reporting, and auditing, and supports rapid digital innovation in an evolving business reporting and technology environment.
The International Auditing and Assurance Standards Board (IAASB) has released for public consultation proposed revisions to 3 International Standards on Auditing (ISAs):
- ISA 330, The Auditor's Responses to Assessed Risks;
- ISA 500, Audit Evidence; and
- ISA 520, Analytical Procedures.
The proposed revisions establish a comprehensive basis for auditors’ judgments about audit evidence. They include:
- a revised definition of audit evidence to reflect today’s digital environment;
- greater emphasis on the intended purposes of audit procedures;
- strengthened requirements for evaluating the relevance and reliability of information used as audit evidence;
- clarification of key concepts; and
- reinforced application of professional skepticism throughout the audit.
The proposals also strengthen auditors' responses to assessed risks by clarifying the role of tests of controls, substantive procedures, and analytical procedures—promoting more consistent and effective audit responses. The proposals reflect the IAASB’s conclusion that a principles-based rather than technology-specific approach is the best way to maintain robust and relevant standards in the face of rapid technological evolution. They enable innovation while preserving the core principles of high-quality auditing. In addition, the proposals include guidance to help auditors exercise professional judgment about appropriate use of technology.
The proposed revisions also improve the alignment of concepts and principles across the auditor’s risk assessment, responses to assessed risks, and evaluation of whether sufficient appropriate audit evidence has been obtained.
The IAASB encourages auditors, regulators, investors and other users of financial statements, preparers, those charged with governance, academics, and other stakeholders to provide feedback on the proposals.
Deadline for comments is 15 December 2026.
Click here to download the 123-page Overall Project Exposure Draft document:
Download the 3 Exposure Drafts to the proposed individual ISAs here:
- ISA 330, The Auditor's Responses to Assessed Risks (58 pages) - https://ifacweb.blob.core.windows.net/publicfiles/2026-08/IAASB-Audit-Evidence-Risk-Response-ISA-330-Exposure-Draft.pdf
- ISA 500, Audit Evidence (72 pages) - https://ifacweb.blob.core.windows.net/publicfiles/2026-08/IAASB-Audit-Evidence-Risk-Response-ISA-500-Exposure-Draft.pdf
- ISA 520, Analytical Procedures (25 pages) - https://ifacweb.blob.core.windows.net/publicfiles/2026-08/IAASB-Audit-Evidence-Risk-Response-ISA-520-Exposure-Draft.pdf
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.