PSA-706-Revised-and-Redrafted

PSA-706-Revised-and-Redrafted - Standards B Auditing and...

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Standards B Philippine Standard on Auditing 706 (Revised and Redrafted) EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR’S REPORT Auditing and Assurance Standards Council
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PSA 706 (Revised and Redrafted) 1 PHILIPPINE STANDARD ON AUDITING 706 * (REVISED AND REDRAFTED) EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR’S REPORT (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA. .................................................................................................. 1-2 Effective Date. ........................................................................................................ 3 Objective ................................................................................................................ 4 Definitions ............................................................................................................. 5 Requirements Emphasis of Matter Paragraphs in the Auditor’s Report. ...................................... 6-7 Other Matter Paragraphs in the Auditor’s Report. ................................................ 8 Communication with Those Charged with Governance. ...................................... 9 Application and Other Explanatory Material Emphasis of Matter Paragraphs in the Auditor’s Report. ..................................... A1-A4 Other Matter Paragraphs in the Auditor’s Report. ................................................ A5-A11 Communication with Those Charged with Governance. ...................................... A12 Acknowledgment Appendix 1: List of PSAs Containing Requirements for Emphasis of Matter Paragraphs Appendix 2: List of PSAs Containing Requirements for Other Matter Paragraphs Appendix 3: Illustration of an Auditor’s Report that Includes an Emphasis of Matter Paragraph * [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.] Philippine Standard on Auditing (PSA) 706 (Revised and Redrafted), “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s 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.”
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PSA 706 (Revised and Redrafted) 2 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with additional communication in the auditor’s report when the auditor considers it necessary to: (a) Draw users’ attention to a matter or matters presented or disclosed in the financial statements that are of such importance that they are fundamental to users’ understanding of the financial statements; or (b) Draw users’ attention to any matter or matters other than those presented or
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PSA-706-Revised-and-Redrafted - Standards B Auditing and...

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