Philippine Standard on Auditing (PSA) - Audit Planning Responsibility
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Perform procedures on client relationships and ethical compliance</p> Signup and view all the answers

    What is the objective of the auditor according to the PSA?

    <p>To plan the audit effectively</p> Signup and view all the answers

    Which PSA deals with 'Terms of Audit Engagements'?

    <p>PSA 210</p> Signup and view all the answers

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