Wiley Practitioner's Guide to GAAS 2020

15AU-C 500 Audit Evidence

Scope

Definitions of Terms

Objective of AU-C Section 500

Requirements

General Guides to the Reliability of Evidence

Using a Management’s Specialist’s Information

Inconsistency or Doubts about Reliability of Evidence

General Guides to Sufficiency of Evidence

Audit Procedures for Obtaining Audit Evidence

Interpretations

The Effect of an Inability to Obtain Evidential Matter Relating to Income Tax Accruals

Auditor of Participating Employer in a Governmental Cost-Sharing Multiple-Employer Pension Plan

Auditor of Participating Employer in a Governmental Agent Multiple-Employer Pension Plan

SCOPE

AU-C 500 provides auditors with the basic guidance on what constitutes audit evidence and the procedures to obtain it. The other topics in the 500 section of the clarified auditing standards give in-depth information on specific areas, sampling, opening balances, accounting estimates, related parties, subsequent events, and analytical procedures.

DEFINITIONS OF TERMS

Source: AU-C 500.05. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Accounting records, Appropriateness (of audit evidence), Audit evidence, Management’s specialist, Sufficiency (of audit evidence)

OBJECTIVE OF AU-C SECTION 500

The objective of the auditor is to design and perform audit procedures that enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion.

(AU-C Section ...