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ACRA Publishes Audit Practice Bulletin No 1 of 2010 on External Confirmations
Last Update - 05/05/2010
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The Accounting and Corporate Regulatory Authority (ACRA) has published an Audit Practice Bulletin on External Confirmations. Confirmation is a common audit procedure applied by auditors to ascertain the existence and/or completeness of assets and liabilities such as accounts receivables and accounts payables. However, in ACRA’s practice reviews under the Practice Monitoring Programme, deficiencies in complying with SSA 505 External Confirmations were repeatedly noted in the way confirmation procedures are applied by public accountants. The key deficiencies had been highlighted in the annual public reports of ACRA’s Practice Monitoring Programme for 2007, 2008 and 2009. The purpose of the Audit Practice Bulletin is to describe some of the sub-standard audit work pertaining to external confirmations and to reiterate the need to increase the level of rigor and professional scepticism expected of the public accountant in the areas identified, together with an illustrative practical example.
Please click here for the Practice Bulletin.
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