4uditinq 1heory

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1he Author|ty Attach|ng to Þh|||pp|ne Standards Issued by the AASC
Lngagement Standards App||cat|on
Ŧ Þhlllpplne SLandards on AudlLlng %ÞSAs) O AudlL of hlsLorlcal flnanclal sLaLemenLs
2Ŧ Þhlllpplne SLandards on 8evlew LngagemenLs
%ÞSkLs)
O 8evlew of hlsLorlcal flnanclal lnformaLlon
3ŦÞhlllpplne SLandards on Assurance LngagemenLs
%ÞSALs)
O Assurance engagemenLs deallng wlLh sub[ecL
maLLers oLher Lhan hlsLorlcal flnanclal
lnformaLlon
4Ŧ Þhlllpplne SLandards on 8elaLed Servlces %ÞSkSs) O ompllaLlon engagemenLs
O LngagemenLs Lo apply agreedŴupon procedures
Lo lnformaLlon
O Lher relaLed servlces engagemenLs as speclfled
by Lhe AAS

Ŧ ÞSAsţ ÞS8Lsţ ÞSALs and ÞS8Ss are collecLlvely referred Lo as Lhe AAS#s LngagemenL SLandardsŦ
2Ŧ Þhlllpplne SLandards on CuallLy onLrol (ÞSC% are Lo be applled for all servlces falllng under Lhe
AAS#s engagemenL sLandardsŦ
3Ŧ Þhlllpplne SLandards are appllcable Lo engagemenLs ln Lhe Þubllc SecLorŦ

1he Author|ty Attach|ng to Þract|ce Statements Issued by the AASC
Ŧ Þhlllpplne ÞracLlce SLaLemenLs are lssued Loť
O Þrovlde lnLerpreLlve guldance and pracLlcal asslsLance Lo professlonal accounLanLs ln
lmplemenLlng Þhlllpplne SLandardsŤ and
O ÞromoLe good pracLlceŦ

2Ŧ Þrofesslonal accounLanLs should be aware of and conslder ÞracLlce SLaLemenLs appllcable Lo Lhe
engagemenLŦ

3Ŧ A professlonal accounLanL who does noL conslder and apply Lhe guldance lncluded ln a relevanL
ÞracLlce SLaLemenL should be prepared Lo explaln how Lhe baslc prlnclples and essenLlal procedures ln
Lhe AAS#s LngagemenL SLandard(s% addressed by Lhe ÞracLlce SLaLemenL have been complled wlLhŦ

ÞnILIÞÞINL IkAMLWCkk ICk ASSUkANCL LNGAGLMLN1S
Ŧ 1he lramework does noL lLself esLabllsh sLandards or provlde procedural requlremenLs for Lhe
performance of assurance engagemenLsŦ

2Ŧ ln addlLlon Lo Lhe lramework and ÞSAsţ ÞS8Ls and ÞSALsţ pracLlLloners who perform assurance
engagemenLs are governed byť
O 1he Þhlllpplne ode of LLhlcs of Þrofesslonal AccounLanLsŤ and
O Þhlllpplne SLandards on CuallLy onLrol (ÞSCs%Ŧ

ASSUkANCL LNGAGLMLN1S
Ŧ ºAssurance engagemenL means an engagemenL ln whlch a pracLlLloner expresses a concluslon
deslgned Lo enhance Lhe degree of confldence of Lhe lnLended users oLher Lhan Lhe responslble parLy
abouL Lhe ouLcome of Lhe evaluaLlon or measuremenL of a sub[ecL maLLer agalnsL crlLerlaŦ

2Ŧ ºSub[ecL maLLer lnformaLlon" refers Lo Lhe ouLcome of Lhe evaluaLlon or measuremenL of a sub[ecL
maLLerŦ

3Ŧ ln some assurance engagemenLsţ Lhe evaluaLlon or measuremenL of Lhe sub[ecL maLLer ls performed
by Lhe responslble parLyţ and Lhe sub[ecL maLLer lnformaLlon ls ln Lhe form of an assert|on by Lhe
responslble parLy LhaL ls made avallable Lo lnLended users (assert|onŴbased engagements%Ŧ

4Ŧ ln oLher assurance engagemenLsţ Lhe pracLlLloner elLher dlrecLly performs Lhe evaluaLlon or
measuremenL of Lhe sub[ecL maLLerţ or obLalns a represenLaLlon from Lhe responslble parLy LhaL has
performed Lhe evaluaLlon or measuremenL LhaL ls noL avallable Lo Lhe lnLended usersŦ 1he sub[ecL
maLLer lnformaLlon ls provlded Lo Lhe lnLended users ln Lhe assurance reporL (d|rect report|ng
engagements%Ŧ
4uditinq 1heory

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1wo 1ypes of Assurance Lngagement
Ŧ 8easonable assurance engagemenL Ŷ Lhe ob[ecLlve ls a reducLlon ln assurance engagemenL rlsk Lo an
accepLably low level ln Lhe clrcumsLances of Lhe engagemenL as Lhe basls for a pos|t|ve form of
expresslon of Lhe pracLlLloner#s concluslonŦ

2Ŧ LlmlLed assurance engagemenL Ŷ Lhe ob[ecLlve ls a reducLlon ln assurance engagemenL rlsk Lo a level
LhaL ls accepLable ln Lhe clrcumsLances of Lhe engagemenLţ buL where Lhe rlsk ls greaLer Lhan for a
reasonable assurance engagemenLţ as a basls for a negat|ve form of expresslon of Lhe pracLlLloner#s
concluslonŦ

Scope of Lhe lramework
1he followlng are nonŴassurance engagemenLs and Lherefore are noL covered by Lhe lrameworkť
Ŧ LngagemenLs covered b y ÞS8Ss such as agreed upon procedures engagemenLs and compllaLlons of
flnanclal or oLher lnformaLlonŦ
2Ŧ 1he preparaLlon of Lax reLurns where no concluslon conveylng assurance ls expressedŦ
3Ŧ onsulLlng (or advlsory% engagemenLsţ such as managemenL and Lax consulLlngŦ

L|ements of an Assurance Lngagement
Ŧ A LhreeŴparLy relaLlonshlp lnvolvlngť
O A pracLlLloner (ÞA%Ť
ÞA holds valld cerLlflcaLes lssued by Lhe 8oard of AccounLancy (Þubllc ÞracLlceţ
lndusLryţ ommerceţ Þubllc SecLor or LducaLlon%
lundamenLal Þrlnclplesť
lnLegrlLy
b[ecLlvlLy
Þrofesslonal ompeLence and uue are
onfldenLlallLy
Þrofesslonal 8ehavlor
AppllcaLlon of 1echnlcal SLandards
O A responslble parLyŤ and
O lnLended usersŦ
2Ŧ An approprlaLe sub[ecL maLLerŤ
lorms
llnanclal/nonŴflnanclal Þerformance or ondlLlonsŤ
Þhyslcal haracLerlsLlcs
apaclLy of laclllLles
SysLems and Þrocesses
8ehavlor
3Ŧ SulLable crlLerla
haracLerlsLlcs
8elevance
ompleLeness
8ellablllLy
neuLrallLy
DndersLandablllLy
4Ŧ Suff|c|ent appropr|ate ev|denceţ andŤ
CuanLlLy and quallLy of evldences
3Ŧ A wrlLLen assurance reporL ln Lhe form approprlaLe Lo a reasonable assurance engagemenL or a
llmlLed assurance engagemenLŦ

IL8ALL 8!L1lILS l 1PL lnuLÞLnuLn1 ADul18 Anu 1PL nuD1 l An ADul1 ln
A8uAnL Wl1P ÞSAs
Ŧ ln conducLlng an audlL of flnanclal sLaLemenLsţ Lhe audlLor#s IL8ALL 8!L1lIL areť
a% 1o obLaln reasonable assurance abouL wheLher Lhe flnanclal sLaLemenLs as a whole are free
from maLerlal mlssLaLemenLţ wheLher due Lo fraud or errorţ Lhereby enabllng Lhe audlLor Lo
express an oplnlon on wheLher Lhe flnanclal sLaLemenLs are preparedţ ln all maLerlal respecLsţ ln
accordance wlLh an appllcable flnanclal reporLlng frameworkŤ and
4uditinq 1heory

valbenedlcLmedlna
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b% 1o reporL on Lhe flnanclal sLaLemenLsţ and communlcaLe as requlred by Lhe ÞSAsţ ln accordance
wlLh Lhe audlLor#s flndlngsŦ

2Ŧ 1he aud|tor SnALLť
O omply wlLh all ÞSAs relevanL Lo Lhe audlLŦ
O omply wlLh relevanL eLhlcal requlremenLsţ lncludlng Lhose perLalnlng Lo lndependence relaLlng
Lo flnanclal sLaLemenL audlL engagemenLsŦ
O Þlan and perform an audlL wlLh professlonal skepLlclsm recognlzlng LhaL clrcumsLances may exlsL
LhaL cause Lhe flnanclal sLaLemenLs Lo be maLerlally mlssLaLedŦ
O Lxerclse professlonal [udgmenL ln plannlng and performlng an audlL of flnanclal sLaLemenLsŦ
O bLaln sufflclenL approprlaLe audlL evldence Lo reduce audlL rlsk Lo an accepLably low levelŦ

LNGAGLMLN1S 1C kLVILW IINANCIAL S1A1LMLN1S
Ŧ 1he ob[ecLlve of a revlew of flnanclal sLaLemenLs ls Lo enable a pracLlLloner Lo sLaLe wheLherţ on Lhe
basls of procedures whlch do noL provlde all Lhe evldence LhaL would be requlred ln an audlLţ
anyLhlng has come Lo Lhe pracLlLloner#s aLLenLlon LhaL causes Lhe pracLlLloner Lo belleve LhaL Lhe
flnanclal sLaLemenLs are noL preparedţ ln all maLLers respecLsţ ln accordance wlLh an ldenLlfled
flnanclal reporLlng framework (negat|ve assurance%Ŧ
2Ŧ A revlew comprlses lnCDl8? and AnAL?1lAL Þ8LuD8LSţ whlch are deslgned Lo revlew Lhe
rellablllLy of an asserLlon LhaL ls Lhe responslblllLy of one parLy for use of anoLher parLyŦ
3Ŧ A revlew does not ordlnarlly lnvolve an assessmenL of accounLlng and lnLernal conLrol sysLemsţ LesLs
of records and of responses Lo lnqulrles by obLalnlng corroboraLlng evldence Lhrough lnspecLlonţ
observaLlonţ conflrmaLlon and compuLaLlonţ whlch are procedures ordlnarlly performed durlng an
audlLŦ
4Ŧ 1he level of assurance provlded ln a revlew reporL ls less Lhan LhaL glven ln an audlL reporLŦ

LNGAGLMLN1S 1C ÞLkICkM AGkLLDŴUÞCN ÞkCCLDUkLS kLGAkDING IINANCIAL INICkMA1ICN
Ŧ ln an engagemenL Lo perform agreedŴupon proceduresţ an audlLor ls engaged Lo carry ouL Lhose
procedures of an audlL naLure Lo whlch Lhe audlLor and Lhe enLlLy and any approprlaLe Lhlrd parLles
have agreed and Lo reporL on lA1DAL llnulnCSŦ
2Ŧ 1he reclplenLs of Lhe reporL musL form Lhelr own concluslon form Lhe reporL of Lhe audlLorŦ
3Ŧ 1he reporL ls resLrlcLed Lo Lhose parLles LhaL have agreed Lo Lhe procedures Lo be performed slnce
oLhersţ unaware of Lhe reasons for Lhe proceduresţ may mlslnLerpreL Lhe resulLsŦ

LNGAGLMLN1S 1C CCMÞILL IINANCIAL S1A1LMLN1S
Ŧ ln a compllaLlon engagemenLţ Lhe accounLanL ls engaged Lo use accounLlng experLlse as opposed Lo
audlLlng experLlse Lo collecLţ classlfyţ and summarlze flnanclal lnformaLlonŦ
2Ŧ lL ordlnarlly enLalls reduclng deLalled daLa Lo manageable and undersLandable form wlLhouL a
requlremenL Lo LesL Lhe asserLlons underlylng LhaL lnformaLlonŦ
3Ŧ 1he procedures performed are noL deslgned and do noL enable Lhe accounLanL Lo express any
assurance on Lhe flnanclal lnformaLlonŦ
4Ŧ Dsers of complled flnanclal lnformaLlon derlve some beneflL as a resulL of Lhe accounLanL#s
lnvolvemenL because Lhe servlce has been performed wlLh due professlonal sklll and careŦ

naLure of Servlce AudlL 8evlew
AgreedŴupon
Þrocedures
ompllaLlon
Level of Assurance Þerlod
Plghţ buL noL
absoluLe
assurance
ModeraLe
assurance
no assurance no assurance
Scope provlded
ÞoslLlve
assurance on
asserLlon(s%
(AudlL 8eporL%
negaLlve
assurance on
asserLlon(s%
(8evlew 8eporL%
lacLual flndlngs of
procedures
ldenLlflcaLlon of
lnformaLlon
complled
(ompllaLlon
8eporL%




4uditinq 1heory

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DLIINI1ICN CI AUDI1ING
An audlL ls a sysLemaLlc process of ob[ecLlvely obLalnlng and evaluaLlng evldence regardlng asserLlons
abouL economlc acLlons and evenLs Lo ascerLaln Lhe degree of correspondence beLween Lhese
asserLlons and esLabllshed crlLerla and communlcaLlng Lhe resulLs Lo lnLeresLed usersŦ

Ŧ AudlLlng ls a sysLemaLlc processŦ
AudlLlng proceeds by means of an ordered and sLrucLured serles of sLepsŦ

2Ŧ An audlL lnvolves obLalnlng and evaluaLlng evldence abouL asserLlons regardlng economlc acLlons and
evenLsŦ
AsserLlons are represenLaLlons made by an audlLee abouL economlc acLlons and evenLsŦ 1he audlLor#s
ob[ecLlve ls Lo deLermlne wheLher Lhese asserLlons are valldŦ 1o saLlsfy Lhls ob[ecLlveţ Lhe audlLor
performs audlL procedures and gaLhers evldence LhaL corroboraLes or refuse Lhe asserLlonŦ

3Ŧ An audlL ls conducLed ob[ecLlvelyŦ
1he audlLor should conducL Lhe audlL wlLhouL blasŦ lmparLlal aLLlLude musL be malnLalned by Lhe
audlLor when evaluaLlng evldence and formulaLlng hls concluslonsŦ

4Ŧ AudlLors ascerLaln Lhe degree of correspondence beLween asserLlons and esLabllshed crlLerla
LsLabllshed crlLerla are needed Lo [udge Lhe valldlLy of Lhe asserLlonsŦ 1hese crlLerla are lmporLanL
because Lhey esLabllsh and lnform Lhe users of Lhe basls agalnsL whlch Lhe asserLlons have been
evaluaLed or measuredŦ ln an audlLţ Lhe audlLor deLermlnes Lhe degree by whlch Lhe asserLlons conform
Lo Lhe esLabllshed crlLerlaŦ lor exampleţ when audlLlng flnanclal sLaLemenLsţ Lhe audlLor [udges Lhe falr
presenLaLlon of Lhe flnanclal sLaLemenLs (asserLlons% by comparlng Lhe sLaLemenLs wlLh an ldenLlfled
flnanclal reporLlng framework (crlLerla%Ŧ

3Ŧ AudlLors communlcaLe Lhe audlL resulLs Lo varlous lnLeresLed usersŦ
1he communlcaLlon of audlL flndlngs ls Lhe ulLlmaLe ob[ecLlve of any audlLŦ lor Lhe audlL Lo be usefulţ
Lhe resulLs musL be communlcaLed Lo lnLeresLed users on a Llmely baslsŦ


















Genera||y Accepted Aud|t|ng Standards %445) represenLs measure of Lhe quallLy of Lhe audlLor#s
performanceŦ 1here are Len and Lhey are grouped lnLo 3 groups namelyť Ceneral SLandardsţ
SLandard for lleldwork and SLandard for 8eporLlngŦ

Genera| Standards
Ŧ 1he examlnaLlon ls Lo be performed by person or persons havlng adequaLe technico/ troininq ond
proficiency as an audlLorŦ
2Ŧ ln all maLLers relaLlng Lo an engagemenLţ an independence ln menLal aLLlLude ls Lo be malnLalned by
Lhe audlLorŦ
3Ŧ uue professiono/ core ls Lo be exerclsed ln Lhe performance of Lhe audlL and ln Lhe presenLaLlon of
Lhe reporLŦ
lndependenL AudlLor lollowlng a sysLemaLlc process
b[ecLlvely obLalns and evaluaLes evldence
LsLabllshes Lhe degree of correspondence
beLween evldence
AsserLlons LsLabllshed
rlLerla
ommunlcaLes Lhe resulLs Lo lnLeresLed users
4uditinq 1heory

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Standard for I|e|dwork
4Ŧ 1he work ls Lo be adequaLely p/onned and Lhe asslsLanLsţ lf anyţ are Lo be properly supervlsedŦ
3Ŧ 1here ls Lo be a proper sLudy and evaluaLlon of exlsLlng interno/ contro/ as a basls for rellance Lhereon
and for Lhe deLermlnaLlon of Lhe resulLanL exLenL of LesL of whlch audlLlng procedures are Lo be
resLrlcLedŦ
6Ŧ SufflclenL compeLenL evidentio/ motter ls Lo be obLalned Lhrough lnspecLlonţ observaLlonţ lnqulrles
and conflrmaLlons Lo afford a reasonable basls Lo an oplnlon regardlng Lhe flnanclal sLaLemenLs under
examlnaLlonŦ

Standard for keport|ng
Ŧ 1he reporL shall sLaLe wheLher Lhe flnanclal sLaLemenL ls presenLed ln accordance wlLh qenero//y
occepted occountinq princip/esŦ
8Ŧ 1he reporL shall ldenLlfy Lhose clrcumsLances ln whlch prlnclples have not been consistent/y observed
ln Lhe currenL perlod ln relaLlon Lo Lhe precedlng perlodŦ
9Ŧ lnformaLlve disc/osures are Lo be regarded as reasonably adequaLe unless oLherwlse sLaLed ln Lhe
reporLŦ
Ŧ 1he reporL shall lnclude elLher an expresslon of opinion regardlng Lhe flnanclal sLaLemenLsţ Laken as
a wholeţ or an asserLlon Lo Lhe effecL LhaL an oplnlon can noL be expressedŦ When an overall oplnlon
cannoL be expressedţ Lhe reasons Lherefore should be sLaLedŦ ln all casesţ where an audlLor#s name ls
assoclaLed wlLh Lhe flnanclal sLaLemenLsţ Lhe reporL should conLaln a clearŴcuL lndlcaLlon of Lhe
characLer of Lhe audlLor#s examlnaLlon lf any and Lhe degree of responslblllLy he ls LaklngŦ

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