PSA-720-Redrafted - Auditing and Assurance Standards...

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Philippine Standard on Auditing 720 (Redrafted) THE AUDITOR’S RESPONSIBILITY IN RELATION TO OTHER INFORMATION IN DOCUMENTS CONTAINING AUDITED FINANCIAL STATEMENTS Auditing and Assurance Standards Council
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PSA 720 (Redrafted) 2 PHILIPPINE STANDARD ON AUDITING 720 (REDRAFTED) THE AUDITOR’S RESPONSIBILITY IN RELATION TO OTHER INFORMATION IN DOCUMENTS CONTAINING AUDITED FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragrap h Introduction Scope of this PSA…. ......................................................................................... 1-2 Effective Date . .................................................................................................. 3 Objective .......................................................................................................... 4 Definitions ........................................................................................................ 5 Requirements Reading Other Information . .............................................................................. 6-7 Material Inconsistencies . ................................................................................... 8-13 Material Misstatements of Fact . ........................................................................ 14-16 Application and Other Explanatory Material Scope of this PSA. ............................................................................................. A1-A4 Reading Other Information . .............................................................................. A5 Material Inconsistencies . .................................................................................. A6-A9 Material Misstatements of Fact . ....................................................................... A10-A11 Acknowledgment Philippine Standard on Auditing (PSA) 720 (Redrafted), “The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements” should be read in conjunction with [proposed] PSA 200 (Revised and Redrafted), “Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.”
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PSA 720 (Redrafted) 3 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibility in relation to other information in documents containing audited financial statements and the auditor’s report thereon. In the absence of any separate requirement in the particular circumstances of the engagement, the auditor’s opinion does not cover other information and the auditor has no specific responsibility for determining whether or not other information is properly stated. However, the auditor reads the other information because the credibility of the audited financial statements may be undermined by material inconsistencies between the audited financial statements and other information. (Ref: Para. A1)
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PSA-720-Redrafted - Auditing and Assurance Standards...

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