CAS 505: External Confirmations
Requirements for confirming balances and terms with third parties (banks, customers, counsel, custodians).
Why CAS 505 matters
Late confirmation responses are a top driver of audit timeline slip. Auditus.ai pre-builds the confirmation population from the GL.
Framework: Canadian Auditing Standards (CAS)
CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Primary source: FRAS Canada
Frequently asked
What is CAS 505?
Requirements for confirming balances and terms with third parties (banks, customers, counsel, custodians).
Why does CAS 505 matter for an audit?
Late confirmation responses are a top driver of audit timeline slip. Auditus.ai pre-builds the confirmation population from the GL.
Which framework does CAS 505 belong to?
CAS 505 falls under Canadian Auditing Standards (CAS). CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Related standards — Canadian Auditing Standards (CAS)
- CAS 200 — Overall Objectives of the Independent Auditor
- CAS 210 — Agreeing the Terms of Audit Engagements
- CAS 220 — Quality Management for an Audit of Financial Statements
- CAS 230 — Audit Documentation
- CAS 240 — The Auditor's Responsibilities Relating to Fraud
- CAS 250 — Consideration of Laws and Regulations
See how Auditus checks CAS 505
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 505.