IAASA has 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.
The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2024, with early adoption permitted.
The revised ISA (Ireland) 505 is available here and the conforming amendments to ISA (Ireland) 600 can be found here.