Adoption of PSA 800 on Auditor's Report

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PRC BOARD OF ACCOUNTANCY NO. 88: Adoption of PSA 800 on Auditor's Report

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Title Supreme Court: Adoption of PSA 800 on Auditor's Report

Law: Prc Board Of Accountancy No. 88

Decision Date: Oct 28, 2002

The PRC Board of Accountancy adopts Philippine Standard on Auditing (PSA) 800, establishing guidelines for auditors' reports on special purpose audit engagements to enhance accountability and transparency in financial reporting.

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Scope and Applicability

PSA 800 applies specifically to audit engagements that are conducted for special purposes rather than general audits.
These special purpose audits cater to particular financial reporting frameworks or objectives.
The standard guides auditors on how to prepare and present their reports catering to these special audit engagements.

Key Provisions and Auditor’s Report

PSA 800 sets out the form and content of the auditor’s report on special purpose audit engagements.
It requires clarity in describing the auditor's responsibilities and the nature of the special purpose framework used.
The report must explicitly state the intended users and the purpose of the special audit engagement.
Any limitations or restrictions in the scope of the audit are to be clearly disclosed in the auditor’s report.

Procedures and Compliance

Auditors are mandated to comply strictly with the guidelines and procedures outlined in PSA 800 to ensure consistency and reliability.
The standard prescribes how auditors should evaluate evidence and document findings.
Proper documentation and transparency are emphasized to uphold the quality and credibility of special audit reports.

Legal and Regulatory Significance

Adoption of PSA 800 reflects adherence to internationally recognized auditing standards adapted to Filipino accounting and legal environment.
This resolution strengthens the regulatory framework for auditing practices in special purpose engagements.
It enhances the trust of stakeholders in audit reports by providing a clear, standardized approach.

Implementation and Accessibility

The full text of PSA 800 is made available at the Office of the National Administrative Register, located at the University of the Philippines Law Complex, Diliman, Quezon City.
This accessibility promotes wider dissemination and understanding of the standard among accountants and auditors.
The adoption by the PRC Board of Accountancy formally integrates PSA 800 into the professional auditing standards monitored by the commission.

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