What is psae 3400?

SAE 3400 provides guidelines on the engagement to examine and report on prospective financial information which includes examination procedures for best estimates and hypothetical assumptions.

What is the purpose of the Philippine framework for assurance engagements?

It provides a frame of reference for practitioners and others involved with assurance engagements, such as those engaging a practitioner (the “engaging party”).

What is Philippine standards on related services Psrss?

The purpose of this Philippine Standard on Related Services (PSRS) is to establish standards and provide guidance on the auditor’s1 professional responsibilities when an engagement to perform agreed-upon procedures regarding financial information is undertaken and on the form and content of the report that the auditor …

What is Philippine Standards on Assurance Engagements Psaes )?

The purpose of this Philippine Standard on Assurance Engagements (PSAE) is to establish basic principles and essential procedures for, and to provide guidance to, professional accountants in public practice (for purposes of this PSAE referred to as “practitioners”) for the performance of assurance engagements other …

What is examination of prospective financial information?

An examination of prospective financial information aims to issue an opinion on whether the prospective financial information was, or not, properly prepared on the basis of stated assumptions, including a negative assurance statement on which those assumptions provide, or not, a reasonable basis for the preparation of …

What are the elements of assurance engagements?

The five elements of an assurance engagement

  • A three-party relationship, involving: the practitioner, a responsible party and intended users.
  • Appropriate subject matter.
  • Suitable criteria.
  • Sufficient, appropriate evidence to support the conclusion.
  • A conclusion contained within a written report.

What is the objective of assurance engagement?

The objective of an assurance engagement is to obtain sufficient appropriate evidence to express a conclusion, providing reasonable or limited assurance, as to whether the audited body has complied with the specified requirements of the appropriate legislation (the ‘criteria’) in all material respects.

What are the three 3 most commonly sought assurance services?

compilations, reviews and audits
In order of increasing level of rigor, accountants generally offer three types of assurance services: compilations, reviews and audits.

What is Philippine standards on quality control?

1. This Philippine Standard on Quality Control (PSQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements. This PSQC is to be read in conjunction with relevant ethical requirements.

What are the elements of an assurance engagement?

What are the two types of prospective financial statements?

5.3 Prospective financial information shall be presented as a statement of prospective financial performance and a statement of accounting policies, and may also include one or more of the following: (a) a statement of prospective movements in equity; (b) a statement of prospective financial position; (c) a statement …

What is SA in audit?

This Standard on Auditing (SA) deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statements. 2.