 |
Preface to the Pronouncements Issued by the Auditing Standards Committee statusRevised by Auditing Standards Committee in Taiwan on 4 October, 2022. SummaryPreface to the Pronouncements Issued by the Auditing Standards Committee is issued to facilitate understanding of the scope and authority of the standards the Auditing Standards Committee issues. These standards do not override the local laws or regulations. A professional accountant should not represent compliance with the Standards pronounced by the Auditing Standards Committee unless the professional accountant has complied fully with all standards relevant to the engagement. Standards pronounced by the Auditing Standards Committee are classified as follows: 1. Standards on Auditing (TWSA) are to be applied in the audit of historical financial information. 2.
Standards on Review Engagements (TWSRE) are to be applied in the
review of historical financial 3. Standards on Assurance
Engagements (TWSAE) are to be applied in assurance engagements 4. Standards on Related Services
(TWSRS) are to be applied to compilation engagements, 5. Standards on Quality Control
(TWSQC) are to be applied for all services falling under the
Auditing TWSA, TWSRE, TWSAE and TWSRS are collectively referred to as the Auditing Standards Committee’s Engagement Standards. An assurance engagement is an engagement in which a practitioner aims to obtain sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the measurement or evaluation of an underlying subject matter against criteria. TWSA are written in the context of an audit of financial statements by an independent auditor. They are to be adapted as necessary in the circumstances when applied to audits of other historical financial information, and are referred as “General Accepted Auditing Standards” in some laws and regulations. The auditor shall comply with relevant ethical requirements, including those pertaining to independence, relating to financial statement audit engagements. The auditor shall plan and perform an audit with professional skepticism recognizing that circumstances may exist that cause the financial statements to be materially misstated. The auditor shall exercise professional judgment in planning and performing an audit of financial statements. The auditor shall comply with all TWSA relevant to the audit. A TWSA is relevant to the audit when the TWSA is in effect and the circumstances addressed by the TWSA exist. The TWSA contain objectives, requirements and application and other explanatory material that are designed to support the auditor in obtaining reasonable assurance. In addition, an TWSA may also contain introductory material that provides context relevant to a proper understanding of the TWSA, definitions and supplementary provisions that prescribe the date of the Standard’s issuance, revision (if applicable) and application. The auditor (and the practitioner, when applicable) shall comply with relevant ethical requirements, including those pertaining to independence, relating to engagements other than audit engagements. TWSRS, TWSAE and TWSQC also contain objectives, requirements, application and other explanatory material, introductory material, definitions, supplementary provisions and appendices. These terms are to be interpreted in a directly analogous way to how they are explained in the context of TWSA. Standards pronounced by the Auditing Standards Committee are mainly based on standards issued by the IAASB. For those are not, their number will be followed by “A.” Summary of Generally Accepted Auditing Standards (revision, Jan. 25, 2000) is no longer applicable from the date of the issuance of this Preface. However, the numbering provisions in this Preface are effective on December 15, 2022.
|
 |
| Address: 20th. F., No.17, Sec.1, Chengde Rd., Taipei, Taiwan Tel:886-2-2549-0549 Copyright(c) Accounting Research and Development Foundation in Taiwan |