The proposed changes to International Standard on Auditing (ISA) 500 (Revised), Audit Evidence: • Clarify ISA 500’s purpose and scope and explain its relationship with other standards; • Provide a principlesbased approach to considering and making judgments about information intended to be used as audit evidence and evaluating whether sufficient appropriate audit evidence has been obtained; • Modernize ISA 500 to be adaptable to the current business and audit environment, while considering scalability for different circumstances, including the entity and the auditor’s use of technology, such as automated tools and techniques; and • Emphasize the role of professional skepticism when making judgments about information intended to be used as audit evidence and evaluating the audit evidence obtained. Proposed International Standard on Auditing 500 (Revised), Audit Evidence, provides a “reference framework” for auditors when making judgments about audit evidence throughout the audit.

The International Sustainability Standards Board (ISSB) unanimously confirmed that companies will be required to use climate-related scenario analysis to inform resilience analysis. At the supplementary board meeting held on 1 November 2022, the ISSB voted to confirm that companies are required to use climaterelated scenario analysis to report on climate resilience and to identify climate-related risks and opportunities to support their disclosures. The ISSB also agreed to provide application support to preparers including making use of materials developed by the Task Force for Climate-Related Financial Disclosures (TCFD) to provide guidance to preparers on how to undertake scenario analysis. This decision responds to questions from stakeholders about what is meant by the term ‘climate-related scenario analysis’.