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    Summary Psa 560

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    Danielle Potter Radcliffe
    PSA 560 deals with an auditor's responsibilities relating to subsequent events in an audit of financial statements. It classifies subsequent events that occur after the date of the financial statements into two categories: (1) adjusting events that provide evidence of conditions that existed at the date of the financial statements and (2) non-adjusting events that provide evidence of conditions that arose after the date of the financial statements and require disclosure. The standard is effective for audits of financial statements for periods beginning on or after December 15, 2009. The objectives of the auditor are to obtain sufficient appropriate evidence to determine whether subsequent events require adjustment or disclosure in the financial statements and to respond appropriately to facts that become known to the auditor after the date of the

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    Summary Psa 560

    Uploaded by

    Danielle Potter Radcliffe
    524 views1 page
    PSA 560 deals with an auditor's responsibilities relating to subsequent events in an audit of financial statements. It classifies subsequent events that occur after the date of the financial statements into two categories: (1) adjusting events that provide evidence of conditions that existed at the date of the financial statements and (2) non-adjusting events that provide evidence of conditions that arose after the date of the financial statements and require disclosure. The standard is effective for audits of financial statements for periods beginning on or after December 15, 2009. The objectives of the auditor are to obtain sufficient appropriate evidence to determine whether subsequent events require adjustment or disclosure in the financial statements and to respond appropriately to facts that become known to the auditor after the date of the

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    SUMMARY OF PSA 560

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    PSA 560 deals with an auditor's responsibilities relating to subsequent events in an audit of financial statements. It classifies subsequent events that occur after the date of the financial statements into two categories: (1) adjusting events that provide evidence of conditions that existed at the date of the financial statements and (2) non-adjusting events that provide evidence of conditions that arose after the date of the financial statements and require disclosure. The standard is effective for audits of financial statements for periods beginning on or after December 15, 2009. The objectives of the auditor are to obtain sufficient appropriate evidence to determine whether subsequent events require adjustment or disclosure in the financial statements and to respond appropriately to facts that become known to the auditor after the date of the

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    524 views1 page

    Summary Psa 560

    Uploaded by

    Danielle Potter Radcliffe
    PSA 560 deals with an auditor's responsibilities relating to subsequent events in an audit of financial statements. It classifies subsequent events that occur after the date of the financial statements into two categories: (1) adjusting events that provide evidence of conditions that existed at the date of the financial statements and (2) non-adjusting events that provide evidence of conditions that arose after the date of the financial statements and require disclosure. The standard is effective for audits of financial statements for periods beginning on or after December 15, 2009. The objectives of the auditor are to obtain sufficient appropriate evidence to determine whether subsequent events require adjustment or disclosure in the financial statements and to respond appropriately to facts that become known to the auditor after the date of the

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    © All Rights Reserved
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    1.

    PSA 560 DEALS WITH AUDITORS RESPONSIBILITIES RELATING TO


    SUBSEQUENT EVENTS IN AN AUDIT OF FINANCIAL STATEMENTS.
    2. SABI DITO SA PAR. 2, FINANCIAL STATEMENTS DAW MAY BE AFFECTED BY
    CERTAIN EVENTS THAT OCCUR AFTER THE DATE OF FINANCIAL STATEMENTS.
    TAPOS MAKA-CLASSIFY DAW YUNG DALAWANG EVENTS NA YUN INTO TWO:
    a. THOSE THAT PROVIDE EVIDENCE OF CONDITIONS THAT EXISTED AT
    THE DATE OF FINANCIAL STATEMENTS (ADJSUTING EVENTS); AND
    b. THOSE THAT PROVIDE EVIDENCE OF CONDITIONS THAT AROSE AFTER
    THE DATE OF FINANCIAL STATEMENTS (NON-ADJUSTING EVENTS BUT
    REQUIRES DISCLOSURE).
    DATE OF AUDITORS REPORT INFORMS THE READER THAT THE AUDITOR HAS
    CONSIDERED THE EFFECT OF EVENTS AND TRANSACTIONS OF WHICH THE
    AUDITOR BECOMES AWARE AND THAT OCCURRED UP TO THAT DATE.
    3. EFFECTIVITY OF THIS STANDARD: FOR AUDITS OF F.S. FOR PERIODS
    BEGINNING ON OR AFTER DECEMBER 15, 2009.
    4. OBJECTIVES OF THE AUDITOR ARE TO:
    a. PARA MAKAPANGALAP NG MATIBAY NA EBIDENSYA PARA MALAMAN KUNG
    YUNG MGA SUBSEQUENT EVENTS BA AFTER THE BALANCE SHEET DATE
    BUT BEFORE THE AUDITORS REPORT, NA NAGREREQUIRE NG
    ADJUSTMENT O DI KAYA AY NAGREREQUIRE NG DISCLOSURE AY
    APPROPRIATELY REFLECTED ON THOSE FS AND;
    b. AT PARA NAMAN DUN SA MGA EVENTS THAT OCCURRED AFTER THE
    REPORT DATE, ANG OBJECTIVE NG AUDITOR IS TO RESPOND
    APPROPRIATELY TO FACTS THAT BECOME KNOWN TO THE AUDITOR
    AFTER THE DATE OF THE AUDITORS REPORT, THAT THEY BEEN KNOWN
    TO THE AUDITOR AT THAT DATE, MAY HAVE CAUSED THE AUDITOR TO
    AMEND THE AUDITORS REPORT.
    5. DEFINITION OF TERMS
    a. DATE OF FS - THE DATE OF END OF THE LATEST REPORTING PERIOD
    COVERED BY FS.
    b. DATE OF APPROVAL OF FS THE DATE ON WHICH ALL STATEMENTS IN
    THE FINANCIAL STATEMENTS HAVE BEEN PREPARED AND THOSE WITH
    THE RECOGNIZED AUTHORITY ASSERTED THAT THEY HAVE TAKEN
    RESPONSIBILTY FOR THOSE FINANCIAL STATEMENTS.

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