Philippine Standards on Auditing

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International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA

This publication was prepared by the International Federation of Accountants (IFAC). Its mission is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. This publication may be downloaded free-of-charge from the IFAC website http://www.ifac.org. The approved text is published in the English language. IFAC welcomes any comments you may have regarding this handbook. Comments may be sent to the address above or emailed to IAASBpubs@ifac.org.

Copyright © April 2009 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in academic classrooms or for personal use and are not sold or disseminated and provided that each copy bears the following credit line: “Copyright © April 2009 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact permissions@ifac.org for permission to reproduce, store, or transmit this document.” Otherwise, written permission from IFAC is required to reproduce, store, or transmit, or to make other similar uses of, this document, except as permitted by law. Contact permissions@ifac.org. ISBN: 978-1-934779-92-7

HANDBOOK OF INTERNATIONAL STANDARDS ON AUDITING AND QUALITY CONTROL 2009 EDITION Scope of this Handbook This handbook brings together all the International Standards on Auditing and the International Standard on Quality Control that have been redrafted by the International Auditing and Assurance Standards Board (IAASB) to improve their clarity (Clarity project). It also includes a Glossary of Terms and the Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services. These become effective on December 15, 2009. Background information on the International Federation of Accountants (IFAC) is also included. This handbook replaces Part II of the 2008 edition of the IFAC Handbook of International Standards on Auditing, Assurance, and Ethics Pronouncements. Part I of the 2008 edition of the handbook will remain in effect during 2009. It contains pronouncements on auditing, review, other assurance, and related services issued by the IAASB as of January 1, 2008. It also includes the Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants. The pronouncements on auditing will remain in effect up to December 14, 2009; thereafter they will be replaced by those contained in this handbook.

How this Handbook is Arranged
The contents of this handbook are arranged by section as follows: Changes of Substance from Parts I and II of the 2008 Edition of the Handbook and Recent Developments .............................................................................. Background Information on the International Federation of Accountants ............. 1 4

Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services ........................................................... 11 Glossary of Terms .................................................................................................. 16 International Standards on Auditing and Quality Control ..................................... 41 IFAC encourages and facilitates the reproduction, or translation and reproduction of its publications. For interested parties wishing to reproduce, or translate and reproduce this Handbook, please contact permissions@ifac.org for terms and conditions of agreement.

CHANGES OF...
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