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than the responsibleparty about the outcome of the evaluation or measurement of
122 asubject matter against criteria.
[(For guidance on assurance engagements see the International Framework for
Assurance Engagements issued by the International Auditing and Assurance
Standards Board which describes the elements and objectives of an assurance
engagement and identifies engagements to which International Standards on
Auditing (ISAs), International Standards on Review Engagements (ISREs) and
International Standards on Assurance Engagements (ISAEs) apply.)]
(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.
Assurance team (a) All members of the engagement team for the assuranceengagement;
(b) All others within a firm who can directly influence theoutcome of the assurance
(i) those who recommend the compensation of, orwho provide direct
supervisory, management orother oversight of the assurance
engagementpartner in connection with the performance of theassurance
(ii) those who provide consultation regardingtechnical or industry specific
issues, transactionsor events for the assurance engagement; and
(iii) those who provide quality control for theassurance engagement, including
those whoperform the engagement quality control review forthe assurance
engagement. Audit client An entity in respect of which a firm conducts an auditengagement. When the client
is a listed entity, audit client willalways include its related entities. When the audit
client is not alisted entity, audit client includes those related entities overwhich the
client has direct or indirect control. Audit engagement A reasonable assurance engagement in which a professionalaccountant in public
practice expresses an opinion whetherfina...
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This document was uploaded on 04/03/2014.
- Spring '14