ISA 505 External Confirmations is one of the International Standards on Auditing

International Standards on Auditing

International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...

. Its primary aim is to require the auditor to obtain external sources of audit evidence rather than only relying on internally provided documents. The example is bank account balances confirmed by the client's bankers.

Other examples include accounts receivable confirmation, inventory held by third parties and confirmation by solicitors and surveyors.

See also

• Positive external confirmation
• Negative external confirmation
• Accounts receivable
  Accounts receivable
  Accounts receivable also known as Debtors, is money owed to a business by its clients and shown on its Balance Sheet as an asset...
  
  
• Accounts payable
  Accounts payable
  Accounts payable is a file or account sub-ledger that records amounts that a person or company owes to suppliers, but has not paid yet , sometimes referred as trade payables. When an invoice is received, it is added to the file, and then removed when it is paid...
  
  
• Consignment
  Consignment
  Consignment the act of consigning, which is placing any material in the hand of another, but retaining ownership until the goods are sold or person is transferred. This may be done for shipping, transfer of prisoners, to auction, or for sale in a store Consignment the act of consigning, which is...