LATEST UPDATE
IAASB Proposes Revisions to Core Standards to Enhance Risk-Based Audit Framework and Address Technological Advances
The International Auditing and Assurance Standards Board (IAASB) has released for public consultation proposed revisions to three International Standards on Auditing (ISAs): ISA 330, The Auditor’s Responses to Assessed Risks; ISA 500, Audit Evidence; and ISA 520, Analytical Procedures, available on:
The proposed revisions, when finalised, will complete an important phase of the IAASB’s decade-long modernisation of the International Standards on Auditing.
Some of the aims of the proposed revisions are:
- To address revisions related to audit evidence and risk response, foundational aspects of an audit
- To further embed a principles-based, risk-based audit framework to support consistent, high-quality audits
- To support rapid digital innovation in an evolving business reporting and technology environment.
The IAASB encourages stakeholders to provide feedback on the proposals by 15 December 2026.
The Exposure Drafts and Response Form are available on the IAASB website, on: https://www.iaasb.org/focus-areas/strengthening-risk-based-audit-framework-proposed-revisions-isa-330-isa-500-and-isa-520
The IAASB will share details on its website, by email to subscribers, and on LinkedIn and X/Twitter.