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ISCA Issues Audit Bulletin (AB) 7 Considerations over External Confirmation Procedures

ISCA developed AB 7 to highlight certain key considerations for the auditor when designing and performing external confirmation procedures. The AB illustrates how some of these considerations apply in several scenarios where external confirmation procedures are used, including: 

  • Obtaining confirmation from a bank in a foreign jurisdiction
  • Obtaining confirmation on escrow accounts
  • Relying on a confirmation for the valuation of investments in unquoted funds

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