IAASA has published a Consultation paper on its proposal to revise International Standard on Auditing (ISA) (Ireland) 505 External Confirmations and make related conforming amendments to ISA (Ireland) 600 (Revised February 2023) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors).
The proposed effective date of the revised standard is for audits of financial statements for periods beginning on or after 15 December 2024, with early adoption permitted.
The purpose of this consultation paper is to obtain the views of stakeholders with regard to IAASA’s proposals to revise ISA (Ireland) 505.
The consultation paper is available here.
The proposed revised standard can be found here.
The proposed conforming amendments can be found here.
Stakeholders and interested parties are invited to provide your response using the response template available on this link or email your response to submissions@iaasa.ie by 5pm on Friday 23 February 2024.