PSRE-2410 - Auditing and Assurance Standards Council Philippine Standard on Review Engagements 2410 REVIEW OF INTERIM FINANCIAL INFORMATION

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Philippine Standard on Review Engagements 2410 REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY Conforming Amendments PSA 210, Terms of Audit Engagements PSRE 2400, Engagements to Review Financial Statements Auditing and Assurance Standards Council
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PSRE 2410 - 1 - PHILIPPINE STANDARD ON REVIEW ENGAGEMENTS 2410 REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY (Effective for reviews of interim financial information for periods beginning on or after December 15, 2006. Earlier adoption is permissible.) CONTENTS Paragraph Introduction. ......................................................................................................... 1-3 General Principles of a Review of Interim Financial Information. ...................... 4-6 Objective of an Engagement to Review Interim Financial Information . ......................................................................................... 7-9 Agreeing the Terms of the Engagement ............................................................. 10-11 Procedures for a Review of Interim Financial Information . ................................ 12-29 Evaluation of Misstatements. ............................................................................... 30-33 Management Representations . ............................................................................. 34-35 Auditor’s Responsibility for Accompanying Information . ................................. 36-37 Communication. ................................................................................................... 38-42 Reporting the Nature, Extent and Results of the Review of Interim Financial Information . ............................................................................ 43-63 Documentation. .................................................................................................... . 64 Effective Date . ..................................................................................................... 65 Acknowledgment ………………………………………………………………. 66-67
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PSRE 2410 - 2 - Appendix 1: Example of an Engagement Letter for a Review of Interim Financial Information Appendix 2: Analytical Procedures the Auditor May Consider When Performing a Review of Interim Financial Information Appendix 3: Example of a Management Representation Letter Appendix 4: Examples of Review Reports on Interim Financial Information Appendix 5: Examples of Review Reports with a Qualified Conclusion for a Departure from the Applicable Financial Reporting Framework Appendix 6: Examples of Review Reports with a Qualified Conclusion for a Limitation on Scope Not Imposed by Management Appendix 7: Examples of Review Reports with an Adverse Conclusion for a Departure from the Applicable Financial Reporting Framework Philippine Standard on Review Engagements (PSRE) 2410, “Review of Interim Financial
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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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PSRE-2410 - Auditing and Assurance Standards Council Philippine Standard on Review Engagements 2410 REVIEW OF INTERIM FINANCIAL INFORMATION

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