CAS 501: Audit Evidence — Specific Considerations for Selected Items
Specific requirements for inventory existence and condition, litigation and claims, and segment information.
Why CAS 501 matters
Auditor attendance at inventory counts is presumed when inventory is material. Missing or late count plans force re-counts and additional fees.
Framework: Canadian Auditing Standards (CAS)
CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Primary source: FRAS Canada
Frequently asked
What is CAS 501?
Specific requirements for inventory existence and condition, litigation and claims, and segment information.
Why does CAS 501 matter for an audit?
Auditor attendance at inventory counts is presumed when inventory is material. Missing or late count plans force re-counts and additional fees.
Which framework does CAS 501 belong to?
CAS 501 falls under Canadian Auditing Standards (CAS). CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Related standards — Canadian Auditing Standards (CAS)
- CAS 200 — Overall Objectives of the Independent Auditor
- CAS 210 — Agreeing the Terms of Audit Engagements
- CAS 220 — Quality Management for an Audit of Financial Statements
- CAS 230 — Audit Documentation
- CAS 240 — The Auditor's Responsibilities Relating to Fraud
- CAS 250 — Consideration of Laws and Regulations
See how Auditus checks CAS 501
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 501.