At the end of May 2023, the FRC issued an amended version of the International Standard on Auditing known as ‘ISA (UK) 505 – External Confirmations’ (hereinafter ‘ISA 505’).

Apart from some conforming amendments made in 2022, the actual core standard has not been revised since 2016. In the intervening period, digital confirmation tools (such as Circit) have become much more popular.

The proposal includes guidance on the use of digital platforms to verify information and puts the spotlight on digital tools to help improve the reliability and credibility of audit evidence obtained via the confirmation process.

Read more here.