1. This Philippine Standard on Auditing (PSA) establishes the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with PSAs. Specifically, it sets out the overall objectives of the independent auditor, and explains the nature and scope of an audit designed to enable the independent auditor to meet those objectives. It also explains the scope, authority and structure of the PSAs, and includes requirements establishing the general responsibilities of the independent auditor applicable in all audits, including the obligation to comply with the PSAs. The independent auditor is referred to as “the auditor” hereafter. 2. PSAs are written in the context of an audit of financial statements by an auditor. They are to be adapted as necessary in the circumstances when applied to audits of other historical financial information.Read More!
The Auditing Standards and Practices Council has been authorized to issue Philippine Standards on Auditing (PSAs). The purpose of this document is to describe the framework within which PSAs are issued in relation to the services which may be performed by auditors.Read More!
The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is “the worldwide development and enhancement of an accountancy profession with harmonized standards, able to provide services of consistently high quality in the public interest.” In pursuing this mission, the IFAC Board has established the International Auditing and Assurance Standards Board (IAASB) to develop and issue, in the public interest and under its own authority, high quality auditing and assurance standards for use around the world. The IFAC Board has determined that designation of the IAASB as the responsible body, under its own authority and within its stated terms of reference, best serves the public interest in achieving this aspect of its mission.Read More!
1. This preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (“International Standards” or “IAASB’s Standards”) is issued to facilitate understanding of the objectives and operating procedures of the International Auditing and Assurance Standards Board (IAASB) and the scope and authority of the pronouncements it issues, as set forth in the IAASB’s Interim Terms of Reference. 2. The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is “the worldwide development and enhancement of an accountancy profession with harmonized standards, able to provide services of consistently high quality in the public interest.” In pursuing this mission, the IFAC Board has established the IAASB to develop and issue, under its own authority, high quality standards on auditing, assurance and related services engagements (“Engagement Standards,” as defined in paragraph 13), related Practice Statements and quality control standards for use around the world. 3. The IAASB’s pronouncements govern audit, assurance and related services engagements that are conducted in accordance with International Standards. They do not override the local laws or regulations that govern the audit of historical financial statements or assurance engagements on other information in a particular country required to be followed in accordance with that country’s national standards. In the event that local laws or regulations differ from, or conflict with, the IAASB’s Standards on a particular subject, an engagement conducted in accordance with local laws or regulations will not automatically comply with them. A professional accountant should not represent compliance with the IAASB’s Engagement Standards unless the professional accountant has complied fully with all of those relevant to the engagement.Read More!
This ASPC Glossary of Terms (December 2002) is based on the Glossary of Terms (December 2002) issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants. There are no significant differences between this ASPC Glossary and the IAASB. Glossary of Terms (December 2002). This ASPC Glossary of Terms (December 2002) was unanimously approved on August 30, 2004 by the members of the Auditing Standards and Practices Council:Read More!