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    AICPA - Develops Standards For Audits of

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    Angela Padua
    This document outlines new and revised Philippine Standards on Auditing (PSA) that were issued by the Auditing and Assurance Standards Council (AASC) to update standards for audits of private companies and public interest entities. It also lists new and revised Philippine Auditing Practice Statements (PAPS) and Philippine Standards on Assurance Engagements (PSAE) that provide guidance for auditors and assurance practitioners. Key updates include revisions to standards on audit planning, materiality, fraud, group audits, auditor reporting, and assurance engagements.

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    © All Rights Reserved
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    AICPA - Develops Standards For Audits of

    Uploaded by

    Angela Padua
    129 views3 pages
    This document outlines new and revised Philippine Standards on Auditing (PSA) that were issued by the Auditing and Assurance Standards Council (AASC) to update standards for audits of private companies and public interest entities. It also lists new and revised Philippine Auditing Practice Statements (PAPS) and Philippine Standards on Assurance Engagements (PSAE) that provide guidance for auditors and assurance practitioners. Key updates include revisions to standards on audit planning, materiality, fraud, group audits, auditor reporting, and assurance engagements.

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    Auditing

    Original Title

    PSA, PAPS,PSAE

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    This document outlines new and revised Philippine Standards on Auditing (PSA) that were issued by the Auditing and Assurance Standards Council (AASC) to update standards for audits of private companies and public interest entities. It also lists new and revised Philippine Auditing Practice Statements (PAPS) and Philippine Standards on Assurance Engagements (PSAE) that provide guidance for auditors and assurance practitioners. Key updates include revisions to standards on audit planning, materiality, fraud, group audits, auditor reporting, and assurance engagements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    129 views3 pages

    AICPA - Develops Standards For Audits of

    Uploaded by

    Angela Padua
    This document outlines new and revised Philippine Standards on Auditing (PSA) that were issued by the Auditing and Assurance Standards Council (AASC) to update standards for audits of private companies and public interest entities. It also lists new and revised Philippine Auditing Practice Statements (PAPS) and Philippine Standards on Assurance Engagements (PSAE) that provide guidance for auditors and assurance practitioners. Key updates include revisions to standards on audit planning, materiality, fraud, group audits, auditor reporting, and assurance engagements.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    AICPA - develops standards for audits of PSA 265 (New) - Communicating

    private companies and other services by Deficiencies in Internal Control to Those


    CPAs Charged with Governance and Management

    PICPA - develops standards for audits of PSA 300 (Redrafted) – Planning an Audit of
    private companies and other services by Financial Statements
    CPAs here in the Philippines
    PSA 315 (Redrafted) – Identifying and
    PCAOB - created by the Sarbanes–Oxley Assessing the Risks of Material
    Act of 2002 to oversee the audits of public Misstatement through Understanding the
    companies and other issuers in order to Entity and Its Environment
    protect the interests of investors and
    further the public interest in the PSA 320 (Revised and Redrafted) –
    preparation of informative, accurate and Materiality in Planning and Performing an
    independent audit reports. Audit

    PSA 120 - Framework of Philippine PSA 330 (Redrafted) – The Auditor's


    Standards on Auditing Responses to Assessed Risks

    PSA 200 (Revised and Redrafted) - Overall PSA 402 (Revised and Redrafted) – Audit
    Objectives of the Independent Auditor and Considerations Relating to Entities Using
    the Conduct of an Audit in Accordance with Service Organizations
    International Standards on Auditing PSA 500 (Redrafted) – Audit Evidence
    PSA 210 (Redrafted) – Agreeing the Terms PSA 501 (Redrafted) – Audit Evidence –
    of Audit Engagements Additional Considerations on Specific Items
    PSA 220 (Redrafted) – Quality Control for PSA 505 (Revised and Redrafted) – External
    Audits of Historical Financial Statements Confirmations
    PSA 230 (Redrafted) – Audit PSA 510 (Redrafted) – Initial Audit
    Documentation Engagements-Opening Balances
    PSA 240 (Redrafted) – The Auditor’s PSA 520 (Redrafted) – Analytical
    Responsibility to Consider Fraud in an Audit Procedures
    of Financial Statements
    PSA 530 (Redrafted) – Audit Sampling
    PSA 250 (Redrafted) – Consideration of
    Laws and Regulations in an Audit of PSA 540 (Revised and Redrafted) – Auditing
    Financial Statements Accounting Estimates, Including Fair Value
    Accounting Estimates, and Related
    PSA 260 (Revised and Redrafted) – Disclosures
    Communication with Those Charged with
    Governance PSA 550 (Revised and Redrafted) – Related
    Parties
    PSA 560 (Redrafted) – Subsequent Events PSA 805 (Revised and Redrafted) - Special
    Considerations-Audits of Single Financial
    PSA 570 (Redrafted) – Going Concern Statements and Specific Elements, Accounts
    PSA 580 (Revised and Redrafted)– Written or Items of a Financial Statement
    Representations PSA 810 (Revised and Redrafted) -
    PSA 600 (Revised and Redrafted) – Special Engagements to Report on Summary
    Considerations-Audits of Group Financial Financial Statements
    Statements (Including the Work of
    Component Auditors)

    PSA 610 (Redrafted) – Using the Work of


    PAPS
    Internal Auditors  PAPS 1000 – Inter-Bank Confirmation
    Procedures
    PSA 620 (Revised and Redrafted) – Using
    the Work of an Expert  PAPS 1002Ph (Revised) - The Auditor's
    Report on General Purpose Financial
    PSA 700 (Redrafted) – The Independent
    Statements Prepared in Accordance
    Auditor’s Report on a Complete Set of
    with a Philippine Financial Reporting
    General Purpose Financial Statements
    Framework Other than PFRS
    PSA 705 (Revised and Redrafted) -
     PAPS 1003Ph - Guidance in Dealing with
    Modifications to the Opinion in the
    Reports Required by the SEC Relating to
    Independent Auditor's Report
    Increase in Capital Stock of a
    PSA 706 (Revised and Redrafted) - Corporation
    Emphasis of Matter Paragraphs and Other
     PAPS 1002 – IT ENVIRONMENTS - ON-
    Matter Paragraphs in the Independent
    LINE COMPUTER SYSTEMS -
    Auditor's Report
    effects of an online computer system o
    PSA 710 (Redrafted)– Comparative n the accounting system and related int
    Information-Corresponding Figures and ernal controls and on audit procedures.
    Comparative Financial Statements
     PAPS 1003 - IT Environments -
    PSA 720 (Redrafted) – The Auditor's Database Systems – describes the
    Responsibilities Relating to Other effects of a database system on the
    Information in Documents Containing accounting system and related
    Audited Financial Statements internalcontrols and on audit
    procedures
    PSA 800 (Revised and Redrafted) – Special
    Considerations-Audits of Financial  PAPS 1004 – The Relationship Between
    Statements Prepared in Accordance with Bangko Sentral ng Pilipinas (BSP) and
    Special Purpose Frameworks Banks’ External Auditors
     PAPS 1008: RISK ASSESSMENTS AND
    INTERNAL CONTROL⎯CIS
    CHARACTERISTICS AND
    CONSIDERATION

     PAPS 1009 - COMPUTER-ASSISTED


    AUDIT TECHNIQUES

    PSAE
    PSAE 3000 (Rev.) – Assurance Engagements
    Other Than Audits or Reviews of Historical
    Financial Statements

    PSAE 3400 – The Examination of Prospective


    Financial Information including examination
    procedures for best estimate and hypothetical
    assumptions.

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