Revisions to proposed International Standard on Auditing (UK) 505
News types: Codes and Standards Announcements
Published: 31 May 2023
The FRC has today published revisions to proposed International Standard on Auditing (UK) 505 - External Confirmations.
The revisions reflect recent enforcement findings as well as ensuring that the standard reflects modern approaches to obtaining confirmations, with additional material on the use of digital platforms, enhanced requirements in relation to investigating exceptions and a prohibition on negative confirmations.