PSA-220-Rev - PSA 220 (Revised) Auditing Standards and...

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Philippine Standard on Auditing 220 (Revised) QUALITY CONTROL FOR AUDITS OF HISTORICAL FINANCIAL INFORMATION Conforming Amendments Glossary of Terms PSA 620, Using the Work of an Expert PAPS 1012, Auditing Derivative Financial Instruments Auditing Standards and Practices Council
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PSA 220 (Revised) PHILIPPINE STANDARD ON AUDITING 220 (REVISED) QUALITY CONTROL FOR AUDITS OF HISTORICAL FINANCIAL INFORMATION (Effective for audits of historical financial information for periods beginning on or after June 15, 2006) * CONTENTS Paragraphs Introduction ……………………………………………………………. 1-4 Definitions ……………………………………………………………. .. 5 Leadership Responsibilities for Quality on Audits ……………………. 7 Ethical Requirements …………………………………………………. . 8-13 Acceptance and Continuance of Client Relationships and Specific Audit Engagements …………………………………………………. .. 14-18 Assignment of Engagement Teams ……………………………………. 19-20 Engagement Performance ……………………………………………… 21-40 Monitoring ……………………………………………………………. .. 41-42 Effective Date …………………………………………………………. . 43-44 Acknowledgment ……………………………………………………… 45-46 Philippine Standard on Auditing (PSA) 220 (Revised), “Quality Control for Audits of Historical Financial Information” should be read in the context of the “Preface to the Philippine Standards on Quality Control, Auditing, Other Assurance and Related Services,” which sets out the application and authority of PSAs. * This PSA and PSQC 1, “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements” gave rise to amendments to the Glossary of Terms, PSA 620, “Using the Work of an Expert,” and PAPS 1012, “Auditing Derivative Financial Information.” These amendments are attached to this PSA. PSA 220, “Quality Control for Audit Work,” approved by the Auditing Standards and Practices Council in 2001 will be withdrawn in June 2006 when PSA 220 (Revised) becomes effective.
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PSA 220 (Revised) - 2 - Quality Control for Audits of Historical Financial Information Introduction 1. The purpose of this Philippine Standard on Auditing (PSA) is to establish standards and provide guidance on specific responsibilities of firm personnel regarding quality control procedures for audits of historical financial information, including audits of financial statements. This PSA is to be read in conjunction with Parts A and B of the Code of Ethics for Professional Accountants in the Philippines (the Philippine Code).
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PSA-220-Rev - PSA 220 (Revised) Auditing Standards and...

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