FRC Publishes Revised ISA (UK) 505 External Confirmations
News types: Codes and Standards Announcements, Consultation Announcement, Feedback Statement, Policies and Responsibilities, Publications
Published: 3 October 2023
The FRC has today published revised ISA (UK) 505 External Confirmations (Revised October 2023).
The revisions to the standard reflect recent enforcement findings as well as ensuring that modern approaches to obtaining external confirmations are considered, with additional material in respect of digital means of confirmation, enhanced requirements in relation to investigating exceptions and a prohibition on the use of negative confirmations.