INTERNATIONAL STANDARD

ON AUDITING 501
Presented by ISA501 group
 Background
This International Standard on Auditing (ISA) addresses
particular factors the auditor should take into account while
gathering enough audit evidence in line with ISA 330, ISA 5002,
as well as other pertinent ISAs, with regard to a few parts of
inventories, legal actions and claims made against the
company, and section data when conducting a financial
statement audit.
 The auditor's goal is to gather
Objectives 01 sufficient, suitable audit evidence
that are:

Existence and
condition of 02
inventory..

Completeness of
03 litigation and claims
involving the entity.

Presentation and disclosure of

segment information in
accordance with the 04
applicable financial reporting
framework.
details & example

1. Existence and condition of inventory

2. Litigation of claim
3. Segment information
 Conclusion
ISA 501 is like a guidebook for auditors.
It tells them how to check certain items like
inventory counts, lawsuits, and business segments.
Basically, it helps auditors make sure that a company's
financial records are accurate and trustworthy.
Question
Time