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Questions and Answers
What is the main focus of the Philippine Standard on Auditing (PSA) mentioned in the text?
What is the main focus of the Philippine Standard on Auditing (PSA) mentioned in the text?
- Preliminary engagement activities
- Requirements for engagement team members
- Responsibility to conduct an audit (correct)
- Effective date for audits
When is the PSA effective for audits of financial statements?
When is the PSA effective for audits of financial statements?
- No specific date mentioned
- During December 15, 2009
- After December 15, 2009 (correct)
- Before December 15, 2009
Who should be involved in planning the audit according to the PSA?
Who should be involved in planning the audit according to the PSA?
- Financial statement preparers
- Key members of the engagement team and other staff (correct)
- External stakeholders
- Only the engagement partner
What activities should the auditor undertake at the beginning of the current audit engagement?
What activities should the auditor undertake at the beginning of the current audit engagement?
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What is the objective of the auditor according to the PSA?
What is the objective of the auditor according to the PSA?
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Which PSA deals with 'Terms of Audit Engagements'?
Which PSA deals with 'Terms of Audit Engagements'?
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