PSA-501-Redrafted

PSA-501-Redrafted - Auditing and Assurance Standards...

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Philippine Standard on Auditing 501 (Redrafted) AUDIT EVIDENCE – SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS Auditing and Assurance Standards Council
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PSA 501 (Redrafted) 1 PHILIPPINE STANDARD ON AUDITING 501 (REDRAFTED) AUDIT EVIDENCE—SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA. .............................................................................................. 1 Effective Date. .................................................................................................... 2 Objective ............................................................................................................ 3 Requirements Inventory. ........................................................................................................... 4-8 Litigation and Claims . ....................................................................................... 9-12 Segment Information. ........................................................................................ 13 Application and Other Explanatory Material Inventory. .......................................................................................................... A1-A16 Litigation and Claims. ....................................................................................... A17-A25 Segment Information. ........................................................................................ A26-A27 Acknowledgment Philippine Standard on Auditing (PSA) 501 (Redrafted), “Audit Evidence – Specific Considerations for Selected Items” should be read in conjunction with PSA 200 (Revised and Redrafted), “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.”
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PSA 501 (Redrafted) 2 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with specific considerations by the auditor in obtaining sufficient appropriate audit evidence in accordance with PSA 330 (Redrafted), 1 PSA 500 (Redrafted) 2 and other relevant PSAs, with respect to certain aspects of inventory, litigation and claims involving the entity, and segment information in an audit of financial statements. Effective Date 2. This PSA is effective for audits of financial statements for periods beginning on or after December 15, 2009. Objective 3. The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the: (a) Existence and condition of inventory; (b) Completeness of litigation and claims involving the entity; and (c) Presentation and disclosure of segment information in accordance with the applicable financial reporting framework. Requirements
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PSA-501-Redrafted - Auditing and Assurance Standards...

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