Philippine Framework for Assurance Engagements

Philippine Framework for Assurance Engagements - Framework...

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Framework Auditing Standards and Practices Council PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS
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Framework PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS CONTENTS Paragraph Introduction Definition and Objective of an Assurance Engagement Scope of the Framework Engagement Acceptance Elements of an Assurance Engagement Inappropriate Use of the Practitioner’s Name Effective Date Acknowledgment Appendix: Differences Between Reasonable Assurance Engagements and Limited Assurance Engagements 1-6 7-11 12-16 17-19 20-60 61 62 63-64
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FRAMEWORK Framework PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS Introduction 1. This Framework defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which Philippine Standards on Auditing (PSAs), Philippine Standards on Review Engagements (PSREs) and Philippine Standards on Assurance Engagements (PSAEs) apply. It provides a frame of reference for: (a) Professional accountants in public practice (“practitioners”) when performing assurance engagements. Professional accountants in the public sector refer to the Public Sector Perspective at the end of the Framework. Professional accountants who are neither in public practice nor in the public sector are encouraged to consider the Framework when performing assurance engagements; 1 (b) Others involved with assurance engagements, including the intended users of an assurance report and the responsible party; and (c) The International Auditing and Assurance Standards Board (IAASB) in its development of ISAs, ISREs and ISAEs and, consequently, the Auditing Standards and Practices Council (ASPC) in its adoption of said standards for application in the Philippines. 2. This Framework does not itself establish standards or provide procedural requirements for the performance of assurance engagements. ISAs, ISREs and ISAEs and, therefore, their counterpart PSAs, PSREs, and PSAEs, contain basic principles, essential procedures and related guidance, consistent with the concepts in this Framework, for the performance of assurance engagements. The relationship between the Framework and the ISAs, ISREs and ISAEs is illustrated in the “Structure of Pronouncements Issued by the IAASB” section of the Handbook of International Auditing, Assurance, and Ethics Pronouncements. A counterpart document, entitled “Structure of Pronouncements Issued by the IAASB and the ASPC” is presented as Appendix to the “Preface to International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services and Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.” 1 If a professional accountant not in public practice, for example an internal auditor, applies this Framework, and (a) this Framework, the PSAs, PSREs or PSAEs are referred to in the professional accountant’s report; and (b) the professional accountant or other members of the assurance team and, when applicable, the professional accountant’s employer, are not independent of the entity in
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Philippine Framework for Assurance Engagements - Framework...

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