On December 20, 2022, the PCAOB issued for public comment a new proposed standard for the auditor’s use of confirmation.  The PCAOB asserts that the new proposed standard is designed to enhance existing confirmation requirements by: (1) implementing principle-based requirements designed to apply to all methods of communication, including the use of email and intermediaries to facilitate direct electronic transmission of confirmation requests and responses; (2) integrating the requirements for the auditor’s use of confirmation with the requirements of the PCAOB’s risk assessment standards; (3) adding a new requirement that the auditor should perform confirmation procedures for cash held by third parties; (4) providing that an auditor may overcome the presumption to confirm accounts receivable amounts if the auditor determines that other substantive procedures would provide audit evidence that is at least as persuasive as the evidence the auditor expects to obtain through confirmation; (5) providing that the use of negative confirmation requests may provide sufficient appropriate audit evidence only when combined with other substantive audit procedures; (6) identifying situations where other procedures should be performed because the auditor is unable to obtain relevant and reliable audit evidence through confirmation; and (7) prohibiting internal auditors from selecting the items to be confirmed, sending confirmation requests, or receiving confirmation responses.  The proposed standard is available here.  The PCAOB has stated that comments should be received by the Board by February 20, 2023.