Filipino Standard on Auditing 120 FRAMEWORK OF Philippine STANDARDS ON AUDITING The PSAs eventd by the Auditing Standards Practices Council (Council) are based on multinational Standards on Auditing (ISAs) issued by the International Auditing Practices Committee of the International confederacy 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 savvy of the Council that this matter will be addressed by the cunt on Audit itself in due course. Accordingly, the Public pretermit of heaven Perspective set out at the depot of an ISA has not been adopted into the PSAs. Framework of Philippine Standards on Auditing insertion 1. The Auditing Standards and Practices Council has been authorized to issue Philippine Standards on Auditing (PSAs). T he purpose of this account is to describe the framework within which PSAs are issued in social intercourse to the services which whitethorn be performed by attendees. 2. For ease of reference, save where indicated, the term auditor is used throughout the PSAs when describing both auditing and connect services which may be performed.
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Such reference is not intended to connote that a person performing associate services fate be the auditor of the entitys financial statements. pecuniary Reporting Framework 3. Financial statements are ordinarily fain and presented annually and are direct toward the co mmon development postulate 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 happen upon their specific information needs. Thus, financial statements need to be vigilant in conformism with one, or a combination of: (a) account statement standards generally genuine in the Philippines; (b)...If you want to get a full essay, erect it on our website:
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