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PSA-610-Redrafted - surance Standards B Auditing and...

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surance Standards B Philippine Standard on Auditing 610 (Redrafted) USING THE WORK OF INTERNAL AUDITORS Conforming Amendments PSA 315 (Redrafted), Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment Auditing and Assurance Standards Council
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PSA 610 (Redrafted) 1 CONTENTS Page Philippine Standard on Auditing (PSA) 610 (Redrafted), “Using the Work of Internal Auditors” ............................................................................... 2 Conforming Amendments PSA 315 (Redrafted), “Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment” .................................................................................................... 10
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PSA 610 (Redrafted) 2 PHILIPPPINE STANDARD ON AUDITING 610 (REDRAFTED) USING THE WORK OF INTERNAL AUDITORS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA ................................................................................................ 1 - 4 Effective Date ...................................................................................................... 5 Objectives ........................................................................................................... 6 Definitions ........................................................................................................... 7 Requirements Determining Whether and to What Extent to Use the Work of the Internal Auditors…………………………………………………………… 8 - 10 Using Specific Work of the Internal Auditors ..................................................... 11 - 12 Documentation ..................................................................................................... 13 Application and Other Explanatory Material Scope of this PSA ................................................................................................ A1 - A2 Scope and Objectives of the Internal Audit Function .......................................... A3 Determining Whether and to What Extent to Use the Work of the Internal Auditors………………………………………………………….. A4 – A5 Using Specific Work of the Internal Auditors .................................................... A6 Acknowledgment Philippine Standard on Auditing (PSA) 610 (Redrafted), “Using the Work of Internal Auditors” 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 610 (Redrafted) 3 Introduction Scope of this PSA 1. This Philippine Standard on Auditing PSA deals with the external auditor’s responsibilities regarding the work of internal auditors when the external auditor has determined, in accordance with PSA 315 (Redrafted), 1 that the internal audit function is likely to be relevant to the audit. (Ref: Para. A1-A2) 2. This PSA does not deal with instances when individual internal auditors provide direct assistance to the external auditor in carrying out audit procedures. Relationship between the Internal Audit Function and the External Auditor 3. The role and objectives of the internal audit function are determined by management and, where applicable, those charged with governance. While the objectives of the internal audit function and the external auditor are different, some of the ways in which the internal audit function and the external auditor achieve their respective objectives may be similar. (Ref: Para. A3) 4. Irrespective of the degree of autonomy and objectivity of the internal audit function, such function is not independent of the entity as is required of the external auditor when expressing an opinion on financial statements. The external auditor has sole responsibility for the audit opinion expressed, and that
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