Beruflich Dokumente
Kultur Dokumente
CHAPTER 11
Other Reporting
Responsibilities
PSASOO
Special Considerations-Audits of Financial Statements Pre·
pared in Accordance with Special Purpose Frameworks
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756 CPA EXAMINATION REVIEWER: AUDITING THEORY
TER
cHAP
11 Other Reporting Responsibilities 757
Auditor's Responsibility
Opinion
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760 CPA EXAMINATION REVIEWER: AUDITING THEORY
psA805 . . .
cial Cons1derat1ons-Aud1ts of Single Financial State-
S~~ts and Specific Elements, Accounts or Items of a Finan-
~al statement .
PSA810
Engagements to Report on Summary Financial Statements
PSRE 2400
Engagements to Review Financial Statements
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11 Other Reporting Responsibilities 771
C~p'ffR
20. ~hich of_ the fol~owing procedures most likely would not be
included 1~ a review engagement of an entity?
A. Assessing control risk.
B. Considering whether the financial statements are in ac-
e cord~n.ce with Philippine Financial Reporting Standards.
· Obta!~mg a management representation letter.
D. Inquinng about subsequent events.
21. When provid' 1· • t-
, mg 1m1ted assurance that the· financial sta e
rnents of a t" . ·
d n e~ ity require no material modifications to be in
~cor an~~ with Philippine Financial Reporting Standards,
e pract1t1oner should
R 11 Other Reporting Responsibilities 773
ct-1.APIE
Practitioner's Responsibility
conclusion
Based on our review, nothing has come to our attention that causes
us to believe that these financial statements do not present fairly, in
all material respects, the financial position of ABC Company as at
December 3 I, 20X I, and its financial performance and cash flows
for the year then ended, in accordance with Philippine Financial
Reporting Standards.
Practitioner's Responsibility
Qualified Conclusion
Except for the eff~cts of the matter described in the Basis for
Qualified Conclusion ~aragraph, based on our review, nothing
has come to our attention that causes us to believe that the fi-
nancial statements. of ABC Company are not prepared, in all
material respects, m accordance with Philippine Financial Re-
porting Standards.
Practitioner's ~esponsibility
Ad-verse Conclusion
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782 CPA EXAMINATION REVIEWER: AUDITING THEORY
PSRE2410
Review of Interim Financial Information Performed by the In-
dependent Auditor of the Entity
PSRS 4400
Engagements on Agreed-upon Procedures
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PSRS 4410
Engagements to Compile Financial Information
untant
41. When performing a compilation engagement, the acco
is required to
A. Assess internal controls. rabilitY
1
B. Make inquiries of management to assess the re
and completeness of the information provided.
R 11 Other Reporting Responsibilities 795
ct-1.APTE
PSRS 4410, par. 13, provides that the accountant is not or-
dinarily required to: ·
a) make any inquiries of management to assess the re-
liability and completeness of the information pro-
vided;
b) assess internal controls;
c) verify any matters; or
d) verify any explanations.
PSAE3400
The Examination of Prospective Financial Information
A. I only
B. II only
C. Either I or II
D. Neither I nor II
57. When the accountant believes that the presentation and dis-
closure of the prospective financial information is not ade-
quate, the auditor should
I. Express a qualified or adverse opinion.
II. Withdraw from the engagement.
A. I only
B. II only
C. Either I or II
D. Neither I nor II
11 Other Reporting Responsibilities 807
cf'i.ApTEfl. .
a) Title;
b) Addressee;
c) Identification of the prospective financial infor-
mation;
d) A reference to the Philippine Standard on Assurance
Engagements applicable to the examination of pro-
spective financial information;
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808 CPA EXAMINATION REVIEWER: AUDITING THEORY
TRUE OR FALSE ·
22. The CPA may issue a report on whether the summary finan-
cial statements derived from the audited financial state-
ments are consistent, in all material respects, with those fi-
nancial statements, in accordance with PFRS.
24. General use statements are prepared for use by known con-
tractual parties.
KEY ANSWERS
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TRUE OR FALSE