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Unformatted text preview: ovided that the firm’s or network firm’s
personnel do not act or appear to act in a capacity equivalent to a member of audit client
The Ethics Committee (FY 2012-2013) proposes to adopt en toto the provisions in the IESBA Code shown
13. Sec. 291.13 Assurance Engagements
The PICPA National Board previously approved the following provisions recommended by the Ethics
Committee (FY 2010-2011):
“Sec. 291.13 Assurance Engagements
“The outcome of the evaluation or measurement of a subject matter is the information
that results from applying the criteria to the subject matter. The term “subject matter
information” is used to mean the outcome of the evaluation or measurement of subject
matter. For example: The recognition, measurement, presentation and disclosure
represented in the financial statements (subject matter information) result from applying a
financial reporting framework for recognition, measurement, presentation and disclosure,
such as PFRS (criteria) to an entity’s financial position, financial performance, and cash
flows (subject matter).” 11 DEFINITIONS
1. Assurance Engagement
An engagement in which a professional accountant in public practice expresses a conclusion designed
to enhance the degree of confidence of the intended users other than the responsible party about the
outcome of the evaluation or measurement of a subject matter against criteria.
(For guidance on assurance engagements, see the Philippine Framework for Assurance Engagements
issued by AASC which describes the elements and objectives of an assurance engagement and
identifies engagements to which Philippine Standards on Auditing (PSA), Philippine Standards on
Review Engagements (PSRE), and Philippine Standards on Assurance Engagements (PSAE) apply.
The guidance paragraph was modified to make reference to the Philippine Framework for Assurance
Engagements, Philippine Standards on Auditing, Philippine Standards on Review Engagements and
Philippine Standards on Assurance Engagements issued by the Auditing and Assurance Standards
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This document was uploaded on 04/03/2014.
- Spring '14