Table of Contents
What is PSA 315?
PSA 315 (Redrafted) – Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment.
What are the five types of analytical procedures?
To obtain audit evidence, the auditor performs one – or a combination – of the following procedures:
- inspection.
- observation.
- external confirmation.
- inquiry.
- reperformance.
- recalculation.
- analytical procedures.
What does a PSA of 600 mean?
PSA increasing for a prostate cancer patient is an indication that his cancer is spreading and in his case it may well be in more than one organ.
What is the purpose of PSA 210?
Philippine Standard on Auditing (PSA) 210, “Agreeing the Terms of Audit Engagements” should be read in conjunction with PSA 200 (Revised and Redrafted), “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.”
At what level is materiality established?
Establishing a Materiality Level for the Financial Statements as a Whole. 6. To plan the nature, timing, and extent of audit procedures, the auditor should establish a materiality level for the financial statements as a whole that is appropriate in light of the particular circumstances.
How is materiality level assessed?
To establish a level of materiality, auditors rely on rules of thumb and professional judgment. They also consider the amount and type of misstatement. The materiality threshold is typically stated as a general percentage of a specific financial statement line item.
What is Reperformance in auditing?
Reperformance. . 39 Reperformance is the auditor’s independent execution of procedures or controls that were originally performed as part of the entity’s internal control, either manually or through the use of CAATs, for example, reperforming the aging of accounts receivable.
Can you have a PSA level of 1000?
PSA-values were categorized into four groups according to a grouping suggested by Koo et al. [17]: 0–19 ng/ml; 20–99 ng/ml; 100–999 ng/ml; and ≥ 1000 ng/ml, −where the values ≥1000 ng/ml are considered to be extremely high.
Can you have a PSA of 400?
PSA is secreted into seminal fluid in high concentration and it is also found in low concentration in blood. PSA levels under 4 ng/ml are generally considered normal, while levels over 4 ng/ml are considered abnormal. PSA levels between 4 and 10 ng/ml indicate a risk of prostate cancer higher than normal.
Can you have a PSA of 1000?
What is PSA 700?
Philippine Standard on Auditing (PSA) 700 (Revised), Forming an Opinion and Reporting on Financial Statements, should be read in conjunction with PSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.
Which management is responsible?
Management is responsible for establishing internal controls. In order to maintain effective internal controls, management should: Maintain adequate policies and procedures; Communicate these policies and procedures; and.