Psa 120

Filipino Standard on Auditing 120
FRAMEWORK OF PHILIPPINE STANDARDS ON AUDITING

The PSAs eventd by the Auditing Standards Practices Council (Council) are based on International Standards on Auditing (ISAs) issued by the International Auditing Practices Committee of the International Federation of Accountants.
The ISAs on which the PSAs are based are generally applicable to the habitual sector, including government business enterprises. However, the applicability of the equivalent PSAs on Philippine public sector entities has non been addressed by the Council. It is the judgement of the Council that this matter will be addressed by the kick on Audit itself in due course. Accordingly, the Public vault of heaven Perspective set out at the end of an ISA has not been adopted into the PSAs.
Framework of Philippine Standards on Auditing

Introduction

1. The Auditing Standards and Practices Council has been authorized to issue Philippine Standards on Auditing (PSAs). The purpose of this document is to describe the framework within which PSAs are issued in relation to the services which whitethorn be performed by attendees.

2. For ease of reference, except where indicated, the term auditor is used throughout the PSAs when describing both auditing and related services which may be performed.



Such reference is not intended to connote that a person performing related services fate be the auditor of the entitys financial statements.

monetary Reporting Framework

3. Financial statements are ordinarily prepared and presented annually and are direct toward the common development needs of a wide feed of users. Many of those users rely on the financial statements as their major(ip) source of information because they do not have the provide to obtain additional information to meet their specific information needs. Thus, financial statements need to be prepared in conformism with one, or a combination of:
(a) accounting standards generally genuine in the Philippines;
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