FRC propose revisions to ISA 505


The Financial Reporting Council in the UK has 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. 

The Irish Auditing & Accounting Supervisory Authority adopts auditing standards for use in Ireland under licence from the Financial Reporting Council in the United Kingdom.