PSA 330 - PSA 330 Auditing Standards and Practices Council...

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Unformatted text preview: PSA 330 Auditing Standards and Practices Council PHILIPPINE STANDARD ON AUDITING 330 THE AUDITORS PROCEDURES IN RESPONSE TO ASSESSED RISKS PHILIPPINE STANDARD ON AUDITING 330 PSA 330 THE AUDITORS PROCEDURES IN RESPONSE TO ASSESSED RISKS (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraphs Introduction Overall Responses Audit Procedures Responsive to Risks of Material Misstatement at the Assertion Level Considering the Nature, Timing, and Extent of Further Audit Procedures Tests of Controls Substantive Procedures Adequacy of Presentation and Disclosure Evaluating the Sufficiency and Appropriateness of Audit Evidence Obtained Documentation Effective Date Acknowledgment 13 46 79 1021 2247 4864 65 6672 73 74 75-76 Philippine Standard on Auditing (PSA) 330, The Auditors Procedures in Response to Assessed Risks, should be read in the context of the Preface to the Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which sets out the application and authority of PSAs. PSA 330 THE AUDITORS PROCEDURES IN RESPONSE TO ASSESSED RISKS Introduction 1. 2. 3. The purpose of this Philippine Standard on Auditing (PSA) is to establish standards and provide guidance on determining overall responses and designing and performing further audit procedures to respond to the assessed risks of material misstatement at the financial statement and assertion levels in a financial statement audit. The auditors understanding of the entity and its environment, including its internal control, and assessment of the risks of material misstatement are described in PSA 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The following is an overview of the requirements of this standard: Overall responses. This section requires the auditor to determine overall responses to address risks of material misstatement at the financial statement level and provides guidance on the nature of those responses. Audit procedures responsive to risks of material misstatement at the assertion level. This section requires the auditor to design and perform further audit procedures, including tests of the operating effectiveness of controls, when relevant or required, and substantive procedures, whose nature, timing, and extent are responsive to the assessed risks of material misstatement at the assertion level. In addition, this section includes matters the auditor considers in determining the nature, timing, and extent of such audit procedures. Evaluating the sufficiency and appropriateness of audit evidence obtained....
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This note was uploaded on 11/30/2011 for the course ECON 310 taught by Professor Johnsmith during the Spring '11 term at Kentucky.

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PSA 330 - PSA 330 Auditing Standards and Practices Council...

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