Psa 120

Filipino Standard on Auditing 120 FRAMEWORK OF Filipino STANDARDS ON AUDITING The PSAs eventd by the Auditing Standards Practices Council (Council) are based on transnational Standards on Auditing (ISAs) issued by the International Auditing Practices Committee of the International alliance of Accountants. The ISAs on which the PSAs are based are generally relevant to the habitual sector, including government business enterprises. However, the applicability of the equivalent PSAs on Philippine public sector entities has non been addressed by the Council. It is the discretion of the Council that this matter will be addressed by the propel on Audit itself in due course. Accordingly, the Public neglect of heaven Perspective set out at the discontinue of an ISA has non been adopted into the PSAs. Framework of Philippine Standards on Auditing unveiling 1. The Auditing Standards and Practices Council has been authorized to issue Philippine Standards on Auditing (P SAs). The purpose of this muniment is to describe the framework within which PSAs are issued in analogy to the services which whitethorn be performed by attendees. 2. For ease of reference, provided where indicated, the term auditor is used throughout the PSAs when describing both auditing and link services which may be performed.

Such reference is not intended to connote that a person performing tie in services fate be the auditor of the entitys financial statements. financial Reporting Framework 3. Financial statements are ordinarily brisk and presented annually and are direct toward the commo n development ask of a wide feed of users! . Many of those users rely on the financial statements as their major(ip) source of information because they do not have the provide to obtain additional information to examine their specific information needs. Thus, financial statements need to be active in conformism with one, or a combination of: (a) invoice standards generally genuine in the Philippines; (b)...If you want to get a full essay, erect it on our website: OrderCustomPaper.com

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