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ASA 505 External Confirmations

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Main Features 
This Auditing Standard:

  1. Establishes mandatory requirements and explanatory guidance on the use of external confirmations as a means of obtaining audit evidence;
    2.  
  2. Provides explanatory guidance on the matters to be considered in determining whether and to what extent to use external confirmations under the audit risk model; and
    3.  
  3. Identifies issues to be addressed in implementing external confirmations as an effective audit procedure.
Operative Date 
This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2006. 
 
This excerpt is taken from ASA 505, which is available for download on the AUASB website (PDF).