PSA 800 - Philippine Standard on Auditing 800 THE AUDITORS...

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Unformatted text preview: Philippine Standard on Auditing 800 THE AUDITORS REPORT ON SPECIAL PURPOSE AUDIT ENGAGEMENTS PHILIPPINE STANDARD ON AUDITING 800 THE AUDITORS REPORT ON SPECIAL PURPOSE AUDIT ENGAGEMENTS CONTENTS PSA 800 Introduction General Considerations Reports on Financial Statements Prepared in Accordance with a Comprehensive Basis of Accounting other than Generally Accepted Accounting Principles in the Philippines Reports on a Component of Financial Statements Reports on Compliance with Contractual Agreements Reports on Summarized Financial Statements Effective Date Acknowledgment Appendix 1: Examples of Reports on Financial Statements Prepared in Accordance with a Comprehensive Basis of Accounting other than Generally Accepted Accounting Principles in the Philippines Appendix 2: Examples of Reports on Components of Financial Statements Appendix 3: Examples of Reports on Compliance Appendix 4: Examples of Reports on Summarized Financial Statements Paragraphs 1-2 3-8 9-11 12-17 18-20 21-25 26 27-28 PSA 800 Philippine Standards on Auditing (PSAs) are to be applied in the audit of financial statements. PSAs are also to be applied, adapted as necessary, to the audit of other information and to related services. PSAs contain the basic principles and essential procedures (identified in bold type black lettering) together with related guidance in the form of explanatory and other material. The basic principles and essential procedures are to be interpreted in the context of the explanatory and other material that provide guidance for their application. To understand and apply the basic principles and essential procedures together with the related guidance, it is necessary to consider the whole text of the PSA including explanatory and other material contained in the PSA not just that text which is black lettered. In exceptional circumstances, an auditor may judge it necessary to depart from a PSA in order to more effectively achieve the objective of an audit. When such a situation arises, the auditor should be prepared to justify the departure. PSAs need only be applied to material matters. The PSAs issued by the Auditing Standards and Practices Council (Council) are based on International Standards on Auditing (ISAs) issued by the International Auditing Practices Committee of the International Federation of Accountants. The ISAs on which the PSAs are based are generally applicable to the public sector, including government business enterprises. However, the applicability of the equivalent PSAs on Philippine public sector entities has not been addressed by the Council. It is the understanding of the Council that this matter will be addressed by the Commission on Audit itself in due course. Accordingly, the Public Sector Perspective set out at the end of an ISA has not been adopted into the PSAs. Introduction PSA 800 1....
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PSA 800 - Philippine Standard on Auditing 800 THE AUDITORS...

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