Psa 200

Auditing and Assurance Standards Council

Philippine Standard on Auditing 330 (Redrafted)

THE AUDITOR’S RESPONSES TO
ASSESSED RISKS

PSA 330 (Redrafted)
PHILIPPINE STANDARD ON AUDITING 330 (REDRAFTED)
THE AUDITOR’S RESPONSES TO ASSESSED RISKS
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)
CONTENTS
Paragraph
Introduction
Scope of this PSA……………………………………………………………..
Effective Date…………………………………………………………………
Objective……………………………………………………………………..
Definitions……………………………………………………………………
Requirements
Overall Responses…………………………………………………………….
Audit Procedures Responsive to the Assessed Risks of
Material Misstatement at the Assertion Level……………………………..
Adequacy of Presentation and Disclosure…………………………………….
Evaluating the Sufficiency and Appropriateness of Audit Evidence…………
Documentation………………………………………………………………..

1
2
3
4
5
6-24
25
26-28
29-31

Application and Other Explanatory Material
Overall Responses…………………………………………………………….
A1-A3
Audit Procedures Responsive to the Assessed Risks of
Material Misstatement the Assertion Level………………………………. A4-A54
Adequacy of Presentation and Disclosure……………………………………
A55
Evaluating the Sufficiency and Appropriateness of Audit Evidence……….... A56-A58
Documentation………………………………………………………………..
A59
Acknowledgment

Philippine Standard on Auditing (PSA) 330 (Redrafted), “The Auditor’s Responses to
Assessed Risks” should be read in the context of the “Preface to the Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services,” which sets out the authority of PSAs.

2

PSA 330 (Redrafted)

Introduction
Scope of this PSA
1.

This Philippine Standard on Auditing (PSA) deals with the auditor’s responsibility to design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with PSA 315,
“Identifying and Assessing Risks of Material Misstatement