Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

15AU-C 500 Audit Evidence

• Technical Alert
• Scope
• Definitions of Terms
• Objectives of AU-C 500
• Requirements
  • General Guides to the Relevance and Reliability of Evidence
  • General Guides to Sufficiency of Evidence
  • Audit Procedures for Obtaining Audit Evidence
  • Sources of Information
  • Using Automated Tools
• 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

TECHNICAL ALERT

Recently issued SAS 142 affects AU-C 500. The preface to this volume contains an overview of the SAS, and the changes are noted in this chapter where relevant.

SCOPE

AU-C 500 provides auditors with the basic guidance on what constitutes audit evidence and the procedures to get it. It also describes information attributes that the auditor factors in when evaluating information for use as audit evidence. Using attributes helps the auditor to maintain professional skepticism. The other topics in this section give in-depth information on specific areas, sampling, opening balances, accounting estimates, related parties, subsequent events, and analytical procedures. (AU-C 500.01)

DEFINITIONS OF TERMS

Source: AU-C 500.06. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Appropriateness (of audit evidence), Audit evidence, External information source, ...