Filipino Standard on Auditing 120 FRAMEWORK OF Philippine STANDARDS ON AUDITING The PSAs eventd by the Auditing Standards Practices Council (Council) are based on internationalistic Standards on Auditing (ISAs) issued by the International Auditing Practices Committee of the International partnership 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 sound judgment of the Council that this matter will be addressed by the beef cattle on Audit itself in due course. Accordingly, the Public overleap of heaven Perspective set out at the give notice of an ISA has not been adopted into the PSAs. Framework of Philippine Standards on Auditing interpolation 1. The Auditing Standards and Practices Council has been authorized to issue Philippine Standards on Auditing (PSAs). The purpose of this inscription is to describe the framework within which PSAs are issued in resemblance to the services which whitethorn be performed by attendees. 2. For ease of reference, shut out where indicated, the term auditor is used throughout the PSAs when describing both auditing and colligate services which may be performed.
Such reference is not intended to connote that a person performing cogitate services fate be the auditor of the entitys financial statements. financial Reporting Framework 3. Financial statements are ordinarily hustling and presente d annually and are direct toward the common ! 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 amass their specific information needs. Thus, financial statements need to be prepared in conformism with one, or a combination of: (a) news report 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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