PSA-705-Revised-and-Redrafted

PSA-705-Revised-and-Redrafted - Standards B Philippine...

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Unformatted text preview: Standards B Philippine Standard on Auditing 705 (Revised and Redrafted) MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITORS REPORT Auditing and Assurance Standards Council PSA 705 (Revised and Redrafted) 1 PHILIPPINE STANDARD ON AUDITING 705 * (REVISED AND REDRAFTED) MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITORS REPORT (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraphs Introduction Scope of this PSA. ................................................................................................ 1-2 Effective Date. ...................................................................................................... 3 Objective .............................................................................................................. 4 Definitions ............................................................................................................. 5 Requirements Circumstances When a Modification to the Auditors Opinion is Required. ......... 6 Determining the Type of Modification to the Auditors Opinion. ......................... 7-15 Form and Content of the Auditors Report When the Opinion is Modified. ......... 16-27 Communication with Those Charged with Governance. ...................................... 28 Application and Other Explanatory Material Scope of this PSA. A1 Nature of Material Misstatements. ....................................................................... A2-A7 Nature of an Inability to Obtain Sufficient Appropriate Audit Evidence. ........... A8-A12 Consequence of an Inability to Obtain Sufficient Appropriate Audit Evidence Due to a Management-Imposed Limitation after the Auditor Has Accepted the Engagement. .. A13-A15 * [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.] PSA 705 (Revised and Redrafted) 2 Other Considerations Relating to an Adverse Opinion or Disclaimer of Opinion. ...................................................................................................... A16 Form and Content of the Auditors Report When the Opinion is Modified. ........ A17-A24 Communication with Those Charged with Governance. ...................................... A25 Acknowledgment Appendix: Illustrations of Auditors Reports with Modifications to the Opinion Philippine Standard on Auditing PSA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditors Report, 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. PSA 705 (Revised and Redrafted) 3 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.

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PSA-705-Revised-and-Redrafted - Standards B Philippine...

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