PSA-260-Revised-and-Redrafted

PSA-260-Revised-and-Redrafted - Auditing and Assurance...

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Philippine Standard on Auditing 260 (Revised and Redrafted) COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE Auditing and Assurance Standards Council
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PSA 260 (Revised and Redrafted) 2 PHILIPPINE STANDARD ON AUDITING 260 (REVISED AND REDRAFTED) COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA . .......................................................................................... 1-3 Effective Date . ................................................................................................ 4 Objectives ....................................................................................................... 5 Definitions ..................................................................................................... 6 Requirements Those Charged with Governance . .................................................................. 7-9 Matters to be Communicated . ........................................................................ 10-13 The Communication Process . ........................................................................ 14-18 Documentation . ............................................................................................. 19 Application and Other Explanatory Material The Role of Communication . ........................................................................ A1-A4 Those Charged with Governance . ................................................................. A5-A12 Matters to be Communicated . ....................................................................... A13-A31 The Communication Process . ....................................................................... A33-A48 Documentation . ............................................................................................. A49 Acknowledgment Appendix 1: Specific Requirements in [Proposed] PSQC 1 (Redrafted) And Other PSAs that Refer to Communications with Those charged with Governance Appendix 2: Qualitative Aspects of Accounting Practices Philippine Standard on Auditing (PSA) 260 (Revised and Redrafted), “Communication with Those Charged with Governance” should be read in conjunction with [proposed] PSA 200 (Revised and Redrafted), “Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.”
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PSA 260 (Revised and Redrafted) 3 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibility to communicate with those charged with governance in relation to an audit of financial statements. Although this PSA applies irrespective of an entity’s governance structure or size, particular considerations apply where all of those charged with governance are involved in managing an entity, and for listed entities. This PSA does not establish requirements regarding the auditor’s
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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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PSA-260-Revised-and-Redrafted - Auditing and Assurance...

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