The International Auditing and Assurance Standards Board (IAASB) is seeking public feedback on proposed revisions to three key International Standards on Auditing (ISAs).
The IAASB has called for public consultations on ISA 330, the auditor’s responses to assessed risks; ISA 500, audit evidence; and ISA 520, analytical procedures.
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It said these proposals are intended to complete an “important phase” of its effort to modernise the ISAs, following earlier updates including ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement.
The draft changes are aimed at further embedding, clarifying and strengthening a principles-based, risk-focused audit approach, while also responding to the increased use of technology in business, financial reporting and auditing.
IAASB chair Tom Seidenstein said: “These proposals are an important milestone in that work.
“With the benefit of stakeholder input and when finalised, the revised standards will further enhance a principles-based, risk-based audit framework that provides a stable foundation for high-quality audits while remaining flexible enough to support innovation as technology continues to evolve.”
The proposed revisions provide a comprehensive framework to support auditors’ judgments when evaluating audit evidence.
This includes a revised definition of audit evidence reflecting the digital environment, a stronger focus on the intended purposes of audit procedures, and enhanced requirements for evaluating the relevance and reliability of information used as audit evidence.
The revisions also clarify key concepts and reinforce the application of professional scepticism throughout the audit.
The IAASB also proposes clarifications on the role of tests of controls, substantive procedures and analytical procedures to improve auditors’ responses to assessed risks and encourage more consistent and effective audit responses.
The IAASB is seeking feedback from auditors, regulators, investors, stakeholders and other users of financial statements. Comments are requested by 15 December 2026.
