PSA-570-Redrafted

PSA-570-Redrafted - surance Standards B Auditing and...

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surance Standards B Philippine Standard on Auditing 570 (Redrafted) GOING CONCERN Auditing and Assurance Standards Council
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PSA 570 (Redrafted) 1 PHILIPPINE STANDARD ON AUDITING 570 * (REDRAFTED) GOING CONCERN (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA. ............................................................................................... 1-7 Effective Date. .................................................................................................... 8 Objectives ........................................................................................................... 9 Requirements Risk Assessment Procedures and Related Activities. ......................................... 10-11 Evaluating Management’s Assessment. ............................................................. 12-14 Period beyond Management’s Assessment. ........................................................ 15 Additional Audit Procedures When Events or Conditions Are Identified. ......... 16 Audit Conclusions and Reporting. ...................................................................... 17 Use of Going Concern Assumption Appropriate but a Material Uncertainty Exists……………………………………….……… 18-20 Use of Going Concern Assumption Inappropriate. ............................................ 21 Management Unwilling to Make or Extend Its Assessment. ............................. 22 Communication with Those Charged with Governance. ................................... 23 Significant Delay in the Approval of Financial Statements. .............................. 24 Application and Other Explanatory Material Introduction. ........................................................................................................ A1 Risk Assessment Procedures and Related Activities. ......................................... A2-A6 Evaluating Management’s Assessment. ............................................................. A7-A12 Period beyond Management’s Assessment. ....................................................... A13-A14 Additional Audit Procedures When Events or Conditions Are Identified. ........ A15-A18 Audit Conclusions and Reporting. ..................................................................... A19 * [References in this PSA to other PSAs that have not yet been finalized reflect the working titles of those PSAs . The references are indicated in brackets and will be updated when those PSAs are finalized.]
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PSA 570 (Redrafted) 2 Use of Going Concern Assumption Appropriate but a Material Uncertainty Exists………………………………………………. A20-A24 Use of Going Concern Assumption Inappropriate. ........................................... A25-A26 Management Unwilling to Make or Extend Its Assessment. ............................ A27 Acknowledgment Philippine Standard on Auditing (PSA) 570 (Redrafted), “Going Concern” should be read
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PSA-570-Redrafted - surance Standards B Auditing and...

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