...ENGAGEMENTS CONTENTS Paragraph Introduction 1-6 Definition and Objective of an Assurance Engagement 7-11 Scope of the Framework 12-16 Engagement Acceptance 17-19 Elements of an Assurance Engagement 20-60 Inappropriate Use of the Practitioner’s Name 61 Effective Date 62 Acknowledgment 63-64 Appendix: Differences Between Reasonable Assurance Engagements and Limited Assurance Engagements Framework FRAMEWORK PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS Introduction 1. This Framework defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which Philippine Standards on Auditing (PSAs), Philippine Standards on Review Engagements (PSREs) and Philippine Standards on Assurance Engagements (PSAEs) apply. It provides a frame of reference for: (a) Professional accountants in public practice (“practitioners”) when performing assurance engagements. Professional accountants in the public sector refer to the Public Sector Perspective at the end of the Framework. Professional accountants who are neither in public practice nor in the public sector are encouraged to consider the Framework when performing assurance engagements;1 (b) Others involved with assurance engagements, including the intended users of an assurance report and the responsible party; and (c) The International Auditing and Assurance Standards Board (IAASB) in its development of ISAs, ISREs and ISAEs and...
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...Examination of Prospective Financial Information Definition “Prospective financial information” means information about future financial performance, future financial position, future cash flows, and future movements in equity based on assumptions about future events and courses of action. Prospective financial information includes prospective financial statements, the notes to the prospective financial statements, and any narrative relating directly to the prospective financial statements. Philippine Standard on Assurance Engagements (PSAE) 3400 (previously PSA 810), “The Examination of Prospective Financial Information” establishes standards and provides guidance on engagements to examine and report on prospective financial information including examination procedures for best-estimate and hypothetical assumptions. The general guidelines include the following: Acceptance of Engagement Before accepting an engagement to examine prospective financial information, the auditor would consider, amongst other things: * The intended use of the information. * Whether the information will be for general or limited distribution. * The nature of the assumptions, that is, whether they are best-estimate or hypothetical assumptions. * The elements to be included in the information. * The period covered by the information. Nature and Purpose of Prospective Financial Information Prospective financial information can include financial statements or one or more elements...
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...AUDITING THEORY TESTBANKS / REVIEWERS 1. When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increase professional skepticism. b. Decline to accept or perform the audit. c. Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. The audit procedures selected will achieve specific audit objectives. d. Each account balance will be tested under either tests of controls or tests of transactions. 3. Which of the following fraudulent activities most likely could be perpetrated due to the lack of effective internal controls in the revenue cycle? a. Fictitious transactions may be recorded that cause an understatement of revenues and overstatement of receivables. b. Claim received from customers for goods returned may be intentionally recorded in other customer’s accounts. c. Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash. d. The failure to prepare shipping documents may cause an overstatement of inventory balances. 4. Accepting an engagement to examine...
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...AUDITING THEORY TESTBANKS / REVIEWERS 1. When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increase professional skepticism. b. Decline to accept or perform the audit. c. Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. The audit procedures selected will achieve specific audit objectives. d. Each account balance will be tested under either tests of controls or tests of transactions. 3. Which of the following fraudulent activities most likely could be perpetrated due to the lack of effective internal controls in the revenue cycle? a. Fictitious transactions may be recorded that cause an understatement of revenues and overstatement of receivables. b. Claim received from customers for goods returned may be intentionally recorded in other customer’s accounts. c. Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash. d. The failure to prepare shipping documents may cause an overstatement of inventory balances. 4. Accepting an engagement to examine an entity’s financial...
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...République Algérienne Démocratique et Populaire Ministère de l’Enseignement Supérieur et de la Recherche Scientifique Université Abou Bekr Belkaїd de Tlemcen Faculté des Sciences Economiques et de Gestion THESE DE DOCTORAT EN SCIENCES ECONOMIQUES Thème Microfinance et Pauvreté : Quantification de la Relation sur la population de Tlemcen Présentée et soutenue publiquement par : Mr. SMAHI Ahmed Sous la direction du : Pr. BENHABIB Abderrezak (U. Tlemcen) JURY Professeur Bendi Abdeslem Professeur Benhabib Abderrezak Professeur Derbal Abdelkader Professeur Ait Ziane Kamel Docteur Maliki Samir B.E Docteur Baba Abdelkader Université de Tlemcen Université de Tlemcen Université d’Oran C.U.Khémis Méliana Université de Tlemcen Université de Mostaganem Président Encadreur Examinateur Examinateur Examinateur Examinateur Année Universitaire : 2009/2010 Remerciements Au terme de ces années de recherche, mes premiers remerciements s’adressent au professeur Abderrezak Benhabib, mon directeur de thèse qui m’a apporté un précieux soutien dans ce travail, en s’avérant toujours disponible et exigeant pour l’achèvement de ce travail. A vrai dire, le choix de ce thème lui revient en toute sincérité vu l’intérêt qu’il portait à l’enrichissement de la thématique celle de la pauvreté. Je remercie Mr Benhabib aussi pour son soutien et ses conseils, la confiance qu’il m’a accordée et la grande liberté qu’il m’a laissée dans la réalisation de ce travail. Certes, nous avons appris beaucoup...
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