ISA 501. Audit evidence-specific considerations for certain areas

Abstract

The adoption of the International Standards on Auditing in Spain involve the establishment of an international framework for quality, and suppose a turning point in the auditing profession regulation in our country. In this paper, I have made an approach to the different aspects of ISA 501 (Additional Considerations for Specific Items) which sets out guidance additional to the ones in ISA 500 (Audit Evidence) to help auditor to obtain audit evidence with respect to the below certain specific financial statement account balances and disclosures:

1. Physical inventory counting and accuracy.

2. Litigation and claims.

3. Segment information.