Psa 200

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Auditing and Assurance Standards Council

Philippine Standard on Auditing 330 (Redrafted)

THE AUDITOR’S RESPONSES TO
ASSESSED RISKS

PSA 330 (Redrafted)
PHILIPPINE STANDARD ON AUDITING 330 (REDRAFTED)
THE AUDITOR’S RESPONSES TO ASSESSED RISKS
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)
CONTENTS
Paragraph
Introduction
Scope of this PSA……………………………………………………………..
Effective Date…………………………………………………………………
Objective……………………………………………………………………..
Definitions……………………………………………………………………
Requirements
Overall Responses…………………………………………………………….
Audit Procedures Responsive to the Assessed Risks of
Material Misstatement at the Assertion Level……………………………..
Adequacy of Presentation
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A9-A18)
(b) Obtain more persuasive audit evidence the higher the auditor’s assessment of risk. (Ref: Para. A19)
Tests of Controls
8.

The auditor shall design and perform tests of controls to obtain sufficient appropriate audit evidence as to the operating effectiveness of relevant controls when: (a) The auditor’s assessment of risks of material misstatement at the assertion level includes an expectation that the controls are operating effectively (i.e., the auditor intends to rely on the operating effectiveness of controls in determining the nature, timing and extent of substantive procedures); or
(b) Substantive procedures alone cannot provide sufficient appropriate audit evidence at the assertion level. (Ref: Para. A20-A24)

9.

In designing and performing tests of controls, the auditor shall obtain more persuasive audit evidence the greater the reliance the auditor places on the effectiveness of a control. (Ref: Para. A25)

4

PSA 330 (Redrafted)
Nature and Extent of Tests of Controls
10.

In designing and performing tests of controls, the auditor shall:
(a) Perform other audit procedures in combination

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