In our response to the AICPA Auditing Standard Board’s proposed Statement on Auditing Standards on external confirmations, we support the Board’s efforts to compare and contrast AU-C section 505, External Confirmations, with the PCAOB’s new Auditing Standard 2310, The Auditor’s Use of Confirmation. We believe that this undertaking and the related proposed revisions are in the public interest. However, we feel that any proposed changes to AU-C section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained, would be better suited as future projects on the Board’s work agenda.
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