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Auditing Standards and Practices Council Philippine Standard on Auditing 120 FRAMEWORK OF PHILIPPINE STANDARDS ON AUDITING PSA 120 FRAMEWORK OF PHILIPPINE STANDARDS ON AUDITING CONTENTS Paragraphs

How to fill out philippine auditing standards 120

How to fill out Philippine Auditing Standards 120:

1. Begin by familiarizing yourself with Philippine Auditing Standards 120 (PAS 120) guidelines. This standard focuses on the audit documentation requirements in performing an audit of financial statements.
2. Start the process by gathering all relevant audit evidence, such as financial statements, supporting documents, and any other necessary information.
3. Review PAS 120 to understand the specific documentation requirements for each audit procedure and ensure compliance.
4. Create a checklist or template that includes all the necessary documentation, ensuring that all relevant information is captured. This will help you keep track of the required documents and facilitate the completion of PAS 120.
5. Maintain documentation throughout the entire audit process. Ensure that each section of PAS 120 is adequately addressed and that there are no gaps in the documentation.
6. As you go through the audit process, make sure to organize the documentation in a logical and systematic manner. This will help auditors and other stakeholders easily understand and follow the audit trail.
7. Pay attention to the format and presentation of the documentation, ensuring it is clear, concise, and supports the findings and conclusions reached during the audit.
8. Before finalizing the audit documentation, conduct a thorough review to ensure accuracy and completeness. This step is crucial to avoid any deficiencies or omissions in the audit file.
9. Keep in mind that PAS 120 requires auditors to retain the audit documentation for a specific period of time. Follow the applicable retention periods to comply with the standard's requirements.

Who needs Philippine Auditing Standards 120:

1. Professional auditors: PAS 120 is essential for auditors who are engaged in performing audits of financial statements. It provides guidance on the documentation requirements, helping auditors maintain consistency and quality in their work.
2. Regulatory bodies: Philippine Auditing Standards, including PAS 120, are important for regulatory bodies such as the Professional Regulatory Commission (PRC) and the Philippine Institute of Certified Public Accountants (PICPA). These bodies govern the auditing profession and ensure compliance with professional standards.
3. Entities subject to audits: Companies, organizations, and entities that undergo financial audits in the Philippines need to be aware of PAS 120. Understanding the documentation requirements outlined in this standard helps them provide the necessary information to auditors and facilitates a smooth audit process.
4. Stakeholders and investors: PAS 120 contributes to the reliability and transparency of financial statements. Stakeholders, including investors and shareholders, depend on accurate and well-documented audits to make informed decisions.

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What is philippine auditing standards 120?

Philippine Auditing Standards (PAS) 120, also known as 'The Objective of an Audit of Financial Statements', provides guidance to auditors on the objective of an audit, which is to obtain reasonable assurance about whether the financial statements are free from material misstatement.

Who is required to file philippine auditing standards 120?

Philippine Auditing Standards (PAS) 120 is not a filing requirement. It is a standard that auditors follow when conducting an audit of financial statements.

How to fill out philippine auditing standards 120?

There is no specific form to fill out for Philippine Auditing Standards (PAS) 120. Auditors are required to perform procedures and obtain evidence to support their opinion on the financial statements.

What is the purpose of philippine auditing standards 120?

The purpose of Philippine Auditing Standards (PAS) 120 is to provide auditors with guidance on the objective of an audit, which is to obtain reasonable assurance about whether the financial statements are free from material misstatement.

What information must be reported on philippine auditing standards 120?

Philippine Auditing Standards (PAS) 120 does not prescribe specific information to be reported. It provides guidance on how auditors should approach the audit of financial statements.