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AGS 2, Verification of Debtor Balances – Confirmation by Direct Communication provides guidance on the principles underlying the verification of debtor balances by direct communication. As part of the exercise to review the current AGSs to ensure that they remain relevant to the audit profession, the Auditing and Assurance Standards Committee AGS 2 and 4 Sub-Committee reviewed AGS 2, and compared the guidance in AGS 2 with Singapore Standard on Auditing (SSA) 505, External Confirmations.
AGS 2 was last revised in 2006 and ISCA has withdrawn AGS 2 with immediate effect on the basis that:
- There were no major differences between SSA 505 and AGS 2;
- The auditing principles in SSA 505 were adequate to effectively perform audit procedures in relation to external confirmations of debtor balances; and
- There was no perceived value-add in retaining AGS 2.