PSA-700-Redrafted - Standards B Philippine Standard on...

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Unformatted text preview: Standards B Philippine Standard on Auditing 700 (Redrafted) FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS Conforming Amendments: PSA 560 (Redrafted), Subsequent Events Auditing and Assurance Standards Council PSA 700 (Redrafted) 1 PHILIPPINE STANDARD ON AUDITING 700 (REDRAFTED) FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS (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. .......................................................................................................... 7-9 Requirements Forming an Opinion on the Financial Statements. .............................................. 10-15 Form of Opinion. .................................................................................................. 16-19 Auditors Report. ................................................................................................. 20-45 Supplementary Information Presented with the Financial Statements. ............... 46-47 Application and Other Explanatory Material Qualitative Aspects of the Entitys Accounting Practices. ................................. A1-A3 Disclosure of the Effect of Material Transactions and Events on the Information Conveyed in the Financial Statements. .................................... A4 Description of the Applicable Financial Reporting Framework. ....................... A5-A10 Form of Opinion. ............................................................................................... A11-A12 Auditors Report. ............................................................................................... A13-A43 Supplementary Information Presented with the Financial Statements. ............. A44-A50 Acknowledgment Appendix: Illustrations of Auditors Reports on Financial Statements Philippine Standard on Auditing (PSA) 700 (Redrafted), Forming an Opinion and Reporting on Financial Statements, 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. (Note: The references to other PSAs as indicated in the footnotes are based on the final version of the redrafted ISA 700 as approved by the International Auditing and Assurance Standards Board. The footnote references maybe modified when the respective PSAs referenced to in the footnotes are finalized (i.e., approved by BOA). PSA 700 (Redrafted) 2 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditors responsibility...
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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-700-Redrafted - Standards B Philippine Standard on...

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