Psa 700 Notes and Summary
Psa 700 Notes and Summary
1. This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibility
to form an opinion on the financial statements. It also deals with the form and
deal
with how the form and content of the auditor’s report are affected when the
auditor’s report, when the audit has been conducted in accordance with PSAs,
4a. This PSA, like all other PSAs, is taken from ISA700 (Redrafted) promulgated by
the International Auditing and Assurance Standards Board. Also, like in all other
made in ISA 700 (Redrafted) to draw up the equivalent PSA 700 (Redrafted)
Financial Reporting Standards and financial reporting frameworks of other 4countries, the audit
However, this PSA does not address its application to specific situations relating
certain group of entities. The additional guidance for these situations, specifically
Effective Date
5. This PSA is effective for audits of financial statements for periods beginning on or
Objectives
(b) Express clearly that opinion through a written report that also describes the
7. For purposes of the PSAs, the following terms have the meanings attributed
below:
or a compliance framework.
above.5
(c) Unmodified opinion – The opinion expressed by the auditor when the
auditor concludes that the financial statements are prepared, in all material
purpose financial statements, including the related notes.” The related notes
framework determine the form and content of the financial statements, and what
Requirements
10. The auditor shall form an opinion on whether the financial statements are
prepared, in all material respects, in accordance with the applicable financial
reporting framework.7 8
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