Audit Confirmations: Navigating the Updated ASB, PCAOB and IAAS Standards

Meeting the Tougher Requirements for Confirming Audit Evidence

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, May 11, 2011

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will provide accounting advisors with a clear understanding of new and revised confirmation standards from the AICPA Auditing Standards Board, Public Company Accounting Oversight Board, and International Auditing and Assurance Standards Board—and how they impact a firm's external audit engagements.

Description

The confirmation process, a vital tool in external audits, is changing rapidly. Last year, the Auditing Standards Board approved its "External Confirmations" standard. The PCAOB is finalizing and seeking SEC approval for revised AU 330, and IAASB has toughened ISA 505.

Audit professionals are or will be working under modernized, farther-reaching confirmation rules. Those employing manual confirmation practices must validate evidence in new ways. For those who prefer an automated approach, new standards recognize electronic confirmations—but with much ambiguity.

Accounting firm specialists must become familiar with the details of all three final or nearly final standards—from the ASB, the IAASB and the PCAOB—as they may work under terms of any of them in different engagements.

Listen as our panel of accounting veterans reviews the latest standards for audit confirmations and translates them into their practical impact on auditors.

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Outline

  1. Evolution of confirmation standards
    1. Long period of little change in rules
    2. Additional focus from corporate financial scandals
  2. AICPA Auditing Standards Board “External Communications” standard
    1. Superseding SAS 67
    2. New considerations for whether external confirmations are to be performed
  3. PCAOB pending revisions to AU 330 (The Confirmation Process)
    1. Pending SEC certification
    2. Expanding requirement for confirmations in additional situations
    3. Confirmation requests and responses
    4. Investigations of exceptions
    5. Reliability of electronic confirmations
  4. International Auditing and Assurance Standards Board, Standard on Auditing 505 (External Confirmations)
    1. Emphasis on externally gathered audit evidence, for reliability purposes
  5. Practical implications for use of confirmations going forward

Benefits

The panel will analyze these and other impactful aspects of audit confirmations:

  • How confirmation procedures may be required in more areas, such as receivables and cash dealings.
  • Who can and can't request a confirmation or respond to a request.
  • When negative confirmations can be used.
  • When exceptions in confirmation responses are allowed.
  • The new roles of manual and electronic confirmations.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Fox, Brian
Brian Fox, CPA

Founder and President
Confirmation.com

Mr. Fox is an expert in electronic confirmations, and his company's confirmation service is used by large...  |  Read More

Jeffrey Robertson
Jeffrey Robertson

Special Counsel
Schulte Roth & Zabel

Mr. Robertson represents accounting firms and corporate clients in a variety of state and federal compliance,...  |  Read More

Howard B. Levy
Howard B. Levy

Senior Principal, Director of Technical Services
Piercy Bowler Taylor & Kern

He provides technical leadership and support for the firm's accounting and auditing practice and technical...  |  Read More

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