PSA-600-Revised-and-Redrafted

PSA-600-Revised-and-Redrafted - Auditing and Assurance...

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Philippine Standard on Auditing 600 (Revised and Redrafted) SPECIAL CONSIDERATIONS—AUDITS OF GROUP FINANCIAL STATEMENTS (INCLUDING THE WORK OF COMPONENT AUDITORS) Auditing and Assurance Standards Council
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PSA 600 (Revised and Redrafted) 2 PHILIPPINE STANDARD ON AUDITING 600 (REVISED AND REDRAFTED) SPECIAL CONSIDERATIONS—AUDITS OF GROUP FINANCIAL STATEMENTS (Including the Work of Component Auditors) (Effective for audits of group financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA. ........................................................................................... 1-6 Effective Date. ................................................................................................. 7 Objectives ....................................................................................................... 8 Definitions ....................................................................................................... 9-10 Requirements Responsibility. ................................................................................................. 11 Acceptance and Continuance. ......................................................................... 12-14 Overall Audit Strategy and Audit Plan . ......................................................... 15-16 Understanding the Group, Its Components and Their Environments. ............ 17-18 Understanding the Component Auditors. ....................................................... 19-20 Materiality. ...................................................................................................... 21-23 Responding to Assessed Risks. ...................................................................... 24-31 Consolidation Process. ................................................................................... 32-37 Subsequent Events. ........................................................................................ 38-39 Communication with the Component Auditor. ............................................. 40-41 Evaluating the Sufficiency and Appropriateness of Audit Evidence Obtained…………………………………………………………. 42-45 Communication with Group Management and Those Charged with Governance of the Group. ....................................................... 46-49 Documentation. .............................................................................................. 50 Application and Other Explanatory Material Components Subject to Audit by Statute, Regulation or Other Reason. ........ A1 Definitions. ..................................................................................................... A2-A7
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PSA 600 (Revised and Redrafted) 3 Responsibility. ................................................................................................ A8-A9 Acceptance and Continuance. ........................................................................ A10-A21 Overall Audit Strategy and Audit Plan. ......................................................... A22
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PSA-600-Revised-and-Redrafted - Auditing and Assurance...

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