PSA-810-Revised-and-Redrafted

PSA-810-Revised-and-Redrafted - Auditing and Assurance...

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Philippine Standard on Auditing 810 (Revised and Redrafted) ENGAGEMENTS TO REPORT ON SUMMARY FINANCIAL STATEMENTS Auditing and Assurance Standards Council
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1 PHILIPPINE STANDARD ON AUDITING 810 (REVISED AND REDRAFTED) ENGAGEMENTS TO REPORT ON SUMMARY FINANCIAL STATEMENTS (Effective for engagements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this PSA. .................................................................................................. 1 Effective Date. ...................................................................................................... 2 Objectives ……. .................................................................................................... 3 Definitions ............................................................................................................. 4 Requirements Engagement Acceptance. ...................................................................................... 5-7 Nature of Procedures. ............................................................................................ 8 Form of Opinion. ................................................................................................... 9-11 Timing of Work and Events Subsequent to the Date of the Auditor’s Report on the Audited Financial Statements. .................................................. 12-13 Auditor’s Report on Summary Financial Statements. ........................................... 14-19 Restriction on Distribution or Use or Alerting Readers to the Basis of Accounting. ..................................................................................................... 20 Comparatives. ....................................................................................................... 21-22 Unaudited Supplementary Information Presented with Summary Financial Statements. ...................................................................................... 23 Other Information in Documents Containing Summary Financial Statements. ... 24 Auditor Association. ............................................................................................. 25-26 Application and Other Explanatory Material Engagement Acceptance. .................................................................................... A1-A7 Evaluating the Availability of the Audited Financial Statements. ...................... A8 Form of Opinion. ................................................................................................. A9 Timing of Work and Events Subsequent to the Date of the Auditor’s Report on the Audited Financial Statements. ................................................ A10 Auditor’s Report on Summary Financial Statements. ......................................... A11-A15 Comparatives. ...................................................................................................... A16-A17
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PSA 810 (Revised and Redrafted) 2 Unaudited Supplementary Information Presented with Summary Financial Statements…………………………………………………….… A18 Other Information in Documents Containing Summary Financial Statements. .. A19 Auditor Association……………………………………………………………. . A20 Acknowledgment Appendix: Illustrations of Reports on Summary Financial Statements Philippine Standard on Auditing (PSA) 810 (Revised and Redrafted), “Engagements to Report on Summary 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 810 (Revised and Redrafted) 3 Introduction Scope of this PSA 1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibilities when undertaking an engagement to report on summary financial statements derived from financial statements audited in accordance with PSAs by that same auditor. Effective Date 2. This PSA is effective for engagements for periods beginning on or after December 15, 2009. Objectives 3. The objectives of the auditor are to: (a) Determine whether it is appropriate to accept the engagement to report on summary financial statements; (b) Form an opinion on the summary financial statements based on an evaluation of the conclusions drawn from the evidence obtained; and (c) Express clearly that opinion through a written report that also describes the basis for that opinion.
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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-810-Revised-and-Redrafted - Auditing and Assurance...

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