The International Auditing and Assurance Standards Board (IAASB) has issued proposed revisions to three foundational auditing standards: ISA 330, ISA 500, and ISA 520. The interconnected updates aim to strengthen risk-based audits, enhance judgments around audit evidence, and adapt procedures to technological innovation.
Core Changes Across the Standards
The proposed revisions update three pillars of the audit process: ISA 330 (Auditor Responses to Assessed Risks), ISA 500 (Audit Evidence), and ISA 520 (Analytical Procedures). Together, these updates establish a more comprehensive reference framework for evaluating audit evidence and aligning audit responses directly with assessed risks.
When finalized, the standards will reinforce professional skepticism and professional judgment across all stages of an audit. The board designed the updates to remain principles-based rather than technology-specific, ensuring that innovation and emerging technological tools are supported within a rigorous framework.
Consultation Resources and Stakeholder Feedback
To assist stakeholders in reviewing the proposals, the IAASB has made available a two-part webinar series on demand. Part 1 covers the overarching evidence framework and ISA 500, while Part 2 addresses performance aspects under ISA 330 and ISA 520. Additionally, a four-part short video series examines topics including evidence relevance, reliability, and the influence of technology.
Stakeholders can provide input through two primary routes before the consultation closes on 15 December 2026. Auditors, accounting firms, regulators, professional accountancy organizations, national standard setters, and academics can submit an integrated response form. A targeted user survey is also available for users of audited financial statements seeking to submit focused feedback.
| Standard | Title | Key Focus of Revision |
|---|---|---|
| ISA 330 | Auditor Responses to Assessed Risks | Strengthen the alignment between assessed risks and auditor response procedures. |
| ISA 500 | Audit Evidence | Establish a comprehensive basis for judgments regarding evidence relevance and reliability. |
| ISA 520 | Analytical Procedures | Enhance performance aspects and risk-based analytical procedures. |
Frequently Asked Questions
Which auditing standards are included in the IAASB consultation?
The consultation covers proposed revisions to three interconnected standards: ISA 330 (Auditor Responses to Assessed Risks), ISA 500 (Audit Evidence), and ISA 520 (Analytical Procedures).
What is the deadline for submitting feedback on the proposals?
The consultation period closes on 15 December 2026.
How can stakeholders participate in the consultation?
Stakeholders can submit a detailed integrated response form designed for auditors, firms, and regulators, or complete a shorter user survey tailored for financial statement users.
