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  • Philippines Standards on Audit Framework

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    Kristine Apale
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    The document describes the framework for Philippine Standards on Auditing issued by the Auditing Standards and Practices Council. It distinguishes between an audit and related services like review, agreed-upon procedures, and compilation based on the nature of service provided, level of assurance, type of report, and objective. Financial statements are prepared annually in accordance with accounting standards generally accepted in the Philippines or international standards. The level of assurance in an audit is high though not absolute, while a review provides moderate assurance.

    Original Description:

    psa

    Original Title

    Focus Notes -Philippine Standard on Auditing 120

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    The document describes the framework for Philippine Standards on Auditing issued by the Auditing Standards and Practices Council. It distinguishes between an audit and related services like review, agreed-upon procedures, and compilation based on the nature of service provided, level of assurance, type of report, and objective. Financial statements are prepared annually in accordance with accounting standards generally accepted in the Philippines or international standards. The level of assurance in an audit is high though not absolute, while a review provides moderate assurance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    1K views1 page

    Philippines Standards on Audit Framework

    Uploaded by

    Kristine Apale
    The document describes the framework for Philippine Standards on Auditing issued by the Auditing Standards and Practices Council. It distinguishes between an audit and related services like review, agreed-upon procedures, and compilation based on the nature of service provided, level of assurance, type of report, and objective. Financial statements are prepared annually in accordance with accounting standards generally accepted in the Philippines or international standards. The level of assurance in an audit is high though not absolute, while a review provides moderate assurance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Kristine R.

    Apale
    Focus Notes

    AC516 12:00 3:00

    PSA 120: FRAMEWORK OF PHILIPPINES STANDARDS ON AUDITING


    PURPOSE: Describe the framework within which PSAs are issued in relation to the services
    performed by auditors
    ISSUED BY: Auditing Standards and Practices Council (ASPC)
    Financial Reporting Framework
    Financial Statements
    Prepared and presented annually for the wide range of users used in decision-making.
    Prepared in accordance with:
    1. Accounting standards generally accepted in the Philippines
    2. International Accounting Standards
    3. Other authoritative and comprehensive financial reporting framework
    Framework for Auditing and Related services
    PURPOSE: Distinguish audit from related services
    Auditing
    Nature of Service
    Level of Assurance
    Report Provided
    Objective

    Audit

    Review

    High, not
    absolute

    Moderate

    Positive

    Negative

    Enable the
    auditor to
    express an
    opinion
    whether the
    financial
    statements,
    in all
    material
    respects, in
    accordance
    with an
    identified
    reporting
    framework

    Enable an
    auditor to state
    whether
    anything has
    come to the
    auditors
    attention that
    causes the
    auditor to
    believe that FS
    are not
    prepared, in all
    materials
    respects, in
    accordance with
    the framework

    Related Services
    Agreed-upon
    Procedures
    None

    Compilation
    None

    Factual finding Identification of


    of procedures
    compiled info
    Engaged to
    Engage to use
    carry out audit
    accounting
    procedures to
    expertise to
    which the
    collect, classify,
    auditor and the and summarize
    entity and any
    financial
    appropriate
    information
    third parties
    have agreed and
    report on
    factual findings

    Level of Assurance
    Auditors satisfaction to the reliability of an assertion
    Determined by the procedures performed and their results
    Auditors Association with Financial Information
    Associated when the auditor attaches report to information or consents to the use of
    auditors name in a professional connection
    If inappropriate use of auditors name occurs, auditors may:
    1. Request management to stop doing so
    2. Inform any known third party users
    4.
    3. Seek legal advice

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