Revised Code of Ethics in the Phils - 2010

Audit client an entity in respect of which a firm

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Unformatted text preview: ther 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 engagement, including: (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 engagement; (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.

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