April 2024
Following public consultation, IAASA has recently issued a revised version of ISA (Ireland) 505 – External Confirmations.
The main changes to the standard relate to:
- Clarification on what constitutes an electronic external confirmation
- Prohibition on the use of negative external confirmations
- Strengthened link with ISA (Ireland) 330 The Auditor’s Responses to Assessed Risks
- Enhanced requirements concerning the investigation of exceptions.
Find out more
here.
Source: IAASA