PSA-710-Redrafted - Standards B Auditing and Assurance...

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Standards B Philippine Standard on Auditing 710 (Redrafted) COMPARATIVE INFORMATION – CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS Auditing and Assurance Standards Council
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PSA 710 (Redrafted) 1 PHILIPPINE STANDARD ON AUDITING 710 (REDRAFTED) COMPARATIVE INFORMATION— CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraphs Introduction Scope of this PSA. .................................................................................................. 1-3 Effective Date. ........................................................................................................ 4 Objectives .............................................................................................................. 5 Definitions ............................................................................................................. 6 Requirements Audit Procedures. .................................................................................................. 7-9 Audit Reporting. .................................................................................................... 10-19 Application and Other Explanatory Material Audit Procedures. .................................................................................................. A1 Audit Reporting. .................................................................................................... A2-A11 Acknowledgment Appendix: Example Auditors’ Reports Philippine Standard on Auditing (PSA) 710 (Redrafted), “Comparative Information— Corresponding Figures and Comparative 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.”
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PSA 710 (Redrafted) 2 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibilities regarding comparative information in an audit of financial statements. When the financial statements of the prior period have been audited by a predecessor auditor or were not audited, the requirements and guidance in PSA 510 (Redrafted) 1 regarding opening balances also apply. The Nature of Comparative Information 2. The nature of the comparative information that is presented in an entity’s financial statements depends on the requirements of the applicable financial reporting framework. There are two different broad approaches to the auditor’s reporting responsibilities in respect of such comparative information: corresponding figures and comparative financial statements. The approach to be adopted is often specified by law or regulation but may also be specified in the terms of engagement. 3.
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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-710-Redrafted - Standards B Auditing and Assurance...

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