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IAASB exposure drafts on confirmations and use of experts

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22 Oct 2007

The International Auditing and Assurance Standards Board (IAASB) has published the following two exposure drafts (EDs). Comment deadline on both EDs is 15 February 2008.

Click for Press Release (PDF 103k):
  • Proposed ISA 505 (Revised and Redrafted) External Confirmations. Proposed ISA 505 addresses concerns about the use and reliability of external confirmations as audit evidence. External confirmations are written responses to the auditor from a third party. Proposed ISA 505 is directed at the effective performance of external confirmation procedures when the auditor determines that such procedures are an appropriate response to an assessed risk of material misstatement. Download the ED (PDF 183k).
  • Proposed ISA 620 (Revised and Redrafted) Using the Work of an Auditor's Expert. Proposed ISA 620 deals with the auditor's use of the work of a person or organisation possessing expertise in a field other than accounting or auditing, employed or engaged by the auditor to assist the auditor to obtain sufficient appropriate audit evidence. It places particular emphasis on the need for the auditor to evaluate the expert's objectivity, and to establish a proper understanding with the expert of the expert's responsibilities for the purposes of the audit. Download the ED (PDF 263k).

 

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