PSA-805-Revised-and-Redrafted

PSA-805-Revised-and-Redrafted - Auditing and Assurance...

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Philippine Standard on Auditing 805 (Revised and Redrafted) SPECIAL CONSIDERATIONS—AUDITS OF SINGLE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT Auditing and Assurance Standards Council
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PSA 805 (Revised and Redrafted) 1 PHILIPPINE STANDARD ON AUDITING 805 (REVISED AND REDRAFTED) SPECIAL CONSIDERATIONS—AUDITS OF SINGLE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT (Effective for audits for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA. .................................................................................................. 1-3 Effective Date. ....................................................................................................... 4 Objective ............................................................................................................... 5 Definitions ............................................................................................................. 6 Requirements Considerations When Accepting the Engagement. ................................................ 7-9 Considerations When Planning and Performing the Audit. ................................... 10 Forming an Opinion and Reporting Considerations. ............................................. 11-17 Application and Other Explanatory Material Scope of this PSA. .................................................................................................. A1-A4 Considerations When Accepting the Engagement. ............................................... A5-A9 Considerations When Planning and Performing the Audit. .................................. A10-A14 Forming an Opinion and Reporting Considerations. ............................................ A15-A18 Acknowledgment Appendix 1: Examples of Specific Elements, Accounts or Items of a Financial Statement Appendix 2: Illustrations of Auditors’ Reports on a Single Financial Statement and on a Specific Element of a Financial Statement Philippine Standard on Auditing (PSA) 805 (Revised and Redrafted), “Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement” 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 805 (Revised and Redrafted) 2 Introduction Scope of this PSA 1. The Philippine Standards on Auditing (PSAs) in the 100-700 series apply to an audit of financial statements and are to be adapted as necessary in the circumstances when applied to audits of other historical financial information. This PSA deals with special considerations in the application of those PSAs to an
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PSA-805-Revised-and-Redrafted - Auditing and Assurance...

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