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What does ISA 500 establish about audit evidence?

Intermediate

Answer

ISA 500 requires the auditor to obtain sufficient (quantity) and appropriate (quality—relevance and reliability) audit evidence to draw reasonable conclusions supporting the opinion. It guides how to design and perform procedures to gather evidence and how to evaluate evidence, including from management's experts or external sources.
Real-world example The auditor gathers a mix of external confirmations and inspection so the evidence is both sufficient and appropriate under ISA 500.

Common follow-ups: What makes evidence 'appropriate'? | How is reliability of evidence assessed?