Australian Government
Auditing and Assurance Standards Board
Thursday, June 23, 2022
The AUASB has issued an updated version of GS 16 Bank Confirmation Requests which has been revised to reflect the increase in the use of electronic confirmations by auditors.
The revised GS 16 includes an expanded section outlining the firm, and auditor, responsibilities where an electronic confirmation process is used, including electronic confirmation processes which utilise a service provider. The guidance specifically draws on the requirements of ASQM 1 and the revised ASA 220.