Document ID: chunk:federal_register_of_legislation:F2022C01189:reg:7:p2
Version: federal_register_of_legislation:F2022C01189
Segment Type: reg
Provision Reference: reg 7 (pt 2/21)
Character Range: 13034–16079

Act 2001, on 27 October 2009.

This compiled version of ASA 500 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 10 March 2021 (see Compilation Details).

Auditing Standard ASA 500

Audit Evidence

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

      1. This Auditing Standard explains what constitutes audit evidence in an audit of a financial report, and deals with the auditor's responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor's opinion.

      2. This Auditing Standard is applicable to all the audit evidence obtained during the course of the audit.  Other Auditing Standards deal with specific aspects of the audit (for example, ASA 315[1]), the audit evidence to be obtained in relation to a particular topic (for example, ASA 570[2]), specific procedures to obtain audit evidence (for example, ASA 520[3]), and the evaluation of whether sufficient appropriate audit evidence has been obtained (ASA 200[4] and ASA 330[5]).

Effective Date

3.                   [Deleted by the AUASB.  Refer Aus 0.3]

Objective

4.                   The objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor's opinion.

Definitions

5.                   For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

(a)                Accounting records means the records of initial accounting entries and supporting records, such as cheques and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers, journal entries and other adjustments to the financial report that are not reflected in journal entries; and records such as work sheets and spreadsheets supporting cost allocations, computations, reconciliations and disclosures.

(b)                Appropriateness (of audit evidence) means the measure of the quality of audit evidence; that is, its relevance and its reliability in providing support for the conclusions on which the auditor's opinion is based.

(c)                Audit evidence means information used by the auditor