PAPS-1000Ph - PAPS 1000Ph Auditing Standards and Practices...

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PAPS 1000Ph Philippine Auditing Practice Statement 1000Ph AUDIT EVIDENCE – PRACTICAL PROBLEMS IN AUDIT OF FINANCIAL STATEMENTS Auditing Standards and Practices Council
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PAPS 1000Ph PHILIPPINE AUDITING PRACTICE STATEMENT 1000Ph AUDIT EVIDENCE – PRACTICAL PROBLEMS IN AUDIT OF FINANCIAL STATEMENTS CONTENTS Paragraphs Introduction 1-2 Auditor’s Responsibility When Client Fails to Prepare Certain Audit Requirements 3-5 Audit Procedures 6-15 Other Considerations 16-17 Reporting Considerations 18-20 Effective Date 21 Philippine Auditing Practice Statements (PAPS or Statements) are issued by the Auditing Standards and Practices Council (ASPC) to provide practical assistance to auditors in implementing the Philippine Standards on Auditing (PSAs) or to promote good practice. Statements do not have the authority of PSAs. This Statement does not establish any new basic principles or essential procedures; its purpose is to assist auditors, and to develop good practice, by providing guidance on the application of the PSAs when conducting an audit of financial statements. The auditor exercises professional judgment to determine the extent to which any of the audit procedures described in this Statement may be appropriate in the light of the requirements of the PSAs and the entity’s particular circumstances.
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PAPS 1000Ph The applicability of this PAPS 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. This particular PAPS issued by the Auditing Standards and Practices Council is not based on a specific International Auditing Practice Statements (IAPS) issued by the International Auditing Practices Committee of the International Federation of Accountants but was issued to address specific situations in the Philippines.
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PAPS 1000Ph Audit Evidence –Practical Problems In Audit of Financial Statements Introduction 1. The purpose of this Philippine Auditing Practice Statement (PAPS) is to provide practical guidance in addition to that contained in PSA 500, “Audit Evidence,” with respect to certain specific financial statement amounts and other disclosures. 2. Application of the standards and guidance provided in this PAPS will assist the auditor in addressing certain problems in the audit of financial statements, particularly the auditor’s inability to obtain sufficient competent evidential matter due to scope limitations such as the poor condition of the accounting records and supporting documents or the inability of the auditor to obtain sufficient competent evidential matter because certain documents are not existing or are not capable of being reproduced. Instances when the documents or information exist but are not made available to the auditor, when the scope limitation is imposed by the client or by circumstances, when a particular audit procedure is beyond the area of
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This note was uploaded on 12/14/2011 for the course ACCO 101 taught by Professor Various during the Spring '11 term at Binghamton University.

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PAPS-1000Ph - PAPS 1000Ph Auditing Standards and Practices...

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