Get the free PHILIPPINE STANDARD ON AUDITING 720 (REVISED)

PSA explains that the auditor may be required to comply with legal or regulatory requirements 200 16 in addition to the PSAs. This PSA is effective for audits of financial statements for periods ending on or after December 15 2016. PSA 450 Evaluation of Misstatements Identified during the Audit Illustrative Statements Ref Para. 21 22 A53. The audit is not a group audit i.e. PSA 600 does not apply. going concern in accordance with PSA 570 Revised. These amendments will become effective at the...

How to fill out philippine standard on auditing

How to fill out philippine standard on auditing

1. Review the Philippine Standard on Auditing (PSA) guidelines to understand the requirements for filling out the form.
2. Gather all the necessary financial statements, records, and supporting documents required for the audit.
3. Start by filling out the header section of the form, providing the necessary details such as the entity's name, address, and period covered by the audit.
4. Proceed to the substantive testing section and document the audit procedures performed to obtain sufficient and appropriate evidence.
5. Ensure that all relevant assertions are addressed and documented properly.
6. In the compliance testing section, assess the entity's compliance with applicable laws and regulations and document the findings.
7. Review the completed form to ensure accuracy and consistency of information provided.
8. If any inconsistencies or discrepancies are found, revisit the related audit procedures and gather additional evidence if necessary.
9. Complete any additional required sections as specified by the PSA guidelines.
10. Obtain necessary sign-offs and approvals as required.
11. Keep a copy of the completed form for record-keeping purposes.

Who needs philippine standard on auditing?

1. Certified Public Accountants (CPAs) and auditing firms who perform audits in the Philippines need to adhere to the Philippine Standard on Auditing.
2. Entities subject to audit, such as corporations, partnerships, and government agencies, need to comply with the Philippine Standard on Auditing.
3. Audit committees and stakeholders who rely on reliable and accurate financial statements also benefit from the implementation of the Philippine Standard on Auditing.
4. Regulatory bodies and government authorities responsible for overseeing the audit profession and financial reporting require compliance with the Philippine Standard on Auditing.

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What is philippine standard on auditing?

The Philippine Standard on Auditing (PSA) is a set of guidelines and procedures that auditors in the Philippines must follow when conducting audits.

Who is required to file philippine standard on auditing?

All auditors in the Philippines are required to follow the Philippine Standard on Auditing when conducting audits.

How to fill out philippine standard on auditing?

To fill out the Philippine Standard on Auditing, auditors must carefully follow the guidelines and procedures outlined in the standard.

What is the purpose of philippine standard on auditing?

The purpose of the Philippine Standard on Auditing is to ensure that audits are conducted in a systematic and consistent manner, with a focus on accuracy and reliability of the financial information.

What information must be reported on philippine standard on auditing?

Auditors must report on the accuracy and reliability of the financial information, as well as any discrepancies or issues identified during the audit process.