Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

IAASB Alerts Auditors to Get Skeptical on Confirmations

Tammy Whitehouse | November 5, 2009

International audit experts are reminding auditors to be careful when relying on third-party confirmations to reach audit conclusions, especially given advances in technology that can make them subject to abuse.

The International Auditing and Assurance Standards Board has published a practice alert that covers some of the emerging practices around audit confirmations. The alert points out areas in international auditing standards that are especially relevant as auditors decide when and how to rely on third-party confirmations.

Confirmations are requests by auditors to third parties to verify information contained in a company’s financial statements. Auditors routinely ask banks to verify account balances, for example, or vendors and customers to verify important transactions.

The...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.