IAASB ISSUES EXPOSURE DRAFTS ON EXTERNAL CONFIRMATIONS AND THE USE OF THE WORK OF AN AUDIT EXPERT

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), approved two sets of new proposals. The fi rst exposure draft 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. Second exposure draft proposes stricter requirements when an auditor uses an expert to obtain audit evidence.