1. requirements
1.1. Considerations When Planning and Performing the Audit
1.1.1. General
1.1.1.1. In planning and performing the audit of a single financial statement or of a specific element of a financial statement, the auditor shall adapt all PSAs relevant to the audit as necessary in the circumstances of the engagement
1.1.2. Application and other explanatory material
1.1.2.1. materiality determined for a single financial statement or specific element of a financial statement may be lower than the materiality will affect the nature, timing and extent of the audit procedures and the evaluation of uncorrected misstatements
1.2. Considerations When Accepting the Engagement
1.2.1. General
1.2.1.1. Application of PSAs
1.2.1.2. Acceptability of the Financial Reporting Framework
1.2.1.3. Form of Opinion
1.2.2. Application and other explanatory material
1.2.2.1. Comply with ethical requirements and PSA's relevant to the audit
1.2.2.2. in forming an opinion, expresses "in all material respects" fair presentation framework & a compliance framework unless otherwise required by law or regulation
1.2.2.3. Provide disclosures beyond those specifically required by the framework or, in exceptional circumstances, depart from a requirement of the framework
1.3. Forming an Opinion and Reporting Considerations
1.3.1. General
1.3.1.1. Reporting on the Entity’s Complete Set of Financial Statements and on a Single Financial Statement or on a Specific Element of Those Financial Statemen
1.3.1.2. if modified, when deemed appropriate, the auditor shall modify the opinion on the single financial statement or on the specific element
1.3.1.3. auditor concludes that it is necessary to express an adverse opinion or disclaim an opinion
1.3.2. Application and other explanatory material
1.3.2.1. In the auditor’s report on an entity’s complete set of financial statements, the expression of a disclaimer of opinion regarding the results of operations and cash flows, where relevant, and an unmodified opinion regarding the financial position is permitted since the disclaimer of opinion is being issued in respect of the results
2. effective date
2.1. applicable for periods beginning on or after December 15, 2009
3. scope
3.1. General
3.1.1. apply necessary AFRF; deals consideration, audit of single FS or of a specific element, account or item of
3.1.2. does not apply to the report of a component auditor
3.1.3. does not override the requirements that deals with all special considerations
3.2. Application & other explanatory material
3.2.1. historical information- about economic events occuring in the past time periods
3.2.2. FS- related notes, for them to communicate an entity's economic resources or obligations at a FRF
3.2.3. Reasonable assurance engagement performed in accordance with PSAE 3000
4. objective
4.1. Auditor
4.1.1. acceptance of the engagement
4.1.2. Planning and performance
4.1.3. Forming of an opinion
4.2. Management
4.2.1. Complete requirements of financial statements and related notes