PSA-230-Rev - Auditing and Assurance Standards Council...

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Philippine Standard on Auditing 230 (Revised) AUDIT DOCUMENTATION Conforming Amendments PSA 200, Objective and General Principles Governing an Audit of Financial Statements PSA 330, The Auditor’s Procedures in Response to Assessed Risks PSQC 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements Auditing and Assurance Standards Council
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PSA 230 (Revised) - 1 - PHILIPPINE STANDARD ON AUDITING 230 (REVISED) AUDIT DOCUMENTATION (Effective for audits of financial information for periods beginning on or after June 15, 2006) CONTENTS Paragraph Introduction ………………………………………………………………………. 1-5 Definitions ………………………………………………………………………… 6 Nature of Audit Documentation …………………………………………………. 7-8 Form, Content and Extent of Audit Documentation ……………………………. . 9-24 Documentation of the Identifying Characteristics of Specific Items or Matters Being Tested ……………………………………………. 12-13 Significant Matters ………………………………………………………… 14-19 Documentation of Departures from Basic Principles or Essential Procedures ………………………………………………………. 20-22 Identification of Preparer and Reviewer …………………………………. .. 23-24 Assembly of the Final Audit File ………………………………………………. .. 25-30 Changes to Audit Documentation in Exceptional Circumstances after the Date of the Auditor’s Report ………………………………………………… 31-32 Effective Date …………………………………………………………………… 33-34 Acknowledgment ………………………………………………………………. .. 35-36
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PSA 230 (Revised) - 2 - Appendix: Specific Audit Documentation Requirements and Guidance in Other PSAs Philippine Standard on Auditing (PSA) 230 (Revised), “Audit Documentation,” should be read in the context of the “Preface to the Philippine Standards on Quality Control, Auditing, Assurance and Related Services,” which sets out the application and authority of PSAs.
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PSA 230 (Revised) - 3 - Audit Documentation Introduction 1. The purpose of this Philippine Standard on Auditing (PSA) is to establish standards and provide guidance on audit documentation. The Appendix lists other PSAs containing subject matter-specific documentation requirements and guidance. Laws or regulations may establish additional documentation requirements.
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PSA-230-Rev - Auditing and Assurance Standards Council...

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