1.

PSA 560 DEALS WITH AUDITORS RESPONSIBILITIES RELATING TO

SUBSEQUENT EVENTS IN AN AUDIT OF FINANCIAL STATEMENTS.
2. SABI DITO SA PAR. 2, FINANCIAL STATEMENTS DAW MAY BE AFFECTED BY
CERTAIN EVENTS THAT OCCUR AFTER THE DATE OF FINANCIAL STATEMENTS.
TAPOS MAKA-CLASSIFY DAW YUNG DALAWANG EVENTS NA YUN INTO TWO:
a. THOSE THAT PROVIDE EVIDENCE OF CONDITIONS THAT EXISTED AT
THE DATE OF FINANCIAL STATEMENTS (ADJSUTING EVENTS); AND
b. THOSE THAT PROVIDE EVIDENCE OF CONDITIONS THAT AROSE AFTER
THE DATE OF FINANCIAL STATEMENTS (NON-ADJUSTING EVENTS BUT
REQUIRES DISCLOSURE).
DATE OF AUDITORS REPORT INFORMS THE READER THAT THE AUDITOR HAS
CONSIDERED THE EFFECT OF EVENTS AND TRANSACTIONS OF WHICH THE
AUDITOR BECOMES AWARE AND THAT OCCURRED UP TO THAT DATE.
3. EFFECTIVITY OF THIS STANDARD: FOR AUDITS OF F.S. FOR PERIODS
BEGINNING ON OR AFTER DECEMBER 15, 2009.
4. OBJECTIVES OF THE AUDITOR ARE TO:
a. PARA MAKAPANGALAP NG MATIBAY NA EBIDENSYA PARA MALAMAN KUNG
YUNG MGA SUBSEQUENT EVENTS BA AFTER THE BALANCE SHEET DATE
BUT BEFORE THE AUDITORS REPORT, NA NAGREREQUIRE NG
ADJUSTMENT O DI KAYA AY NAGREREQUIRE NG DISCLOSURE AY
APPROPRIATELY REFLECTED ON THOSE FS AND;
b. AT PARA NAMAN DUN SA MGA EVENTS THAT OCCURRED AFTER THE
REPORT DATE, ANG OBJECTIVE NG AUDITOR IS TO RESPOND
APPROPRIATELY TO FACTS THAT BECOME KNOWN TO THE AUDITOR
AFTER THE DATE OF THE AUDITORS REPORT, THAT THEY BEEN KNOWN
TO THE AUDITOR AT THAT DATE, MAY HAVE CAUSED THE AUDITOR TO
AMEND THE AUDITORS REPORT.
5. DEFINITION OF TERMS
a. DATE OF FS - THE DATE OF END OF THE LATEST REPORTING PERIOD
COVERED BY FS.
b. DATE OF APPROVAL OF FS THE DATE ON WHICH ALL STATEMENTS IN
THE FINANCIAL STATEMENTS HAVE BEEN PREPARED AND THOSE WITH
THE RECOGNIZED AUTHORITY ASSERTED THAT THEY HAVE TAKEN
RESPONSIBILTY FOR THOSE FINANCIAL STATEMENTS.