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INDEPENDENT
AUDITOR AND THE CONDUCT
OF AN AUDIT IN
ACCORDANCE WITH PHILIPINE
STANDARDS ON
AUDITING
PSA 200
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Effective Date
This Standard is effective for audits of financial statements for
periods beginning on or after December 15, 2009.
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Part A
The fundamental principles with which the auditor is required to
comply by the Code of Ethics are:
(a) Integrity;
(b) Objectivity;
(c) Professional competence and due care;
(d) Confidentiality; and
(e) Professional behavior.
Part B
Part B of the Code of Ethics illustrates how the conceptual
framework is to be applied in specific situations.
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Professional Skepticism
The auditor shall plan and perform an audit with professional skepticism
recognizing that circumstances may exist that cause the financial statements
to be materially misstated.
Professional skepticism includes being alert to, for example:
Audit evidence that contradicts other audit evidence obtained.
Information that brings into question the reliability of documents and
responses to inquiries to be used as audit evidence.
Conditions that may indicate possible fraud.
Circumstances that suggest the need for audit procedures in addition to
those required by the PSAs.
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Professional Judgment
Interpretation of relevant ethical requirements and the PSAs and
the informed decisions required throughout the audit cannot be
made without the application of relevant knowledge and
experience to the facts and circumstances.
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Appropriateness is for?
Quality (Relevance and Reliability)
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Audit Evidence
ROMM
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Sufficient
Appropriate
Quantity
Quality
Quality
Relevance
Reliability
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Questions?
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