Which of the following is incorrect
regarding the Philippine Standards on
Assurance Engagements (PSAE)?
a. It provides an overall framework for
assurance engagements intended to
provide either a high or moderate level of
assurance.
b. When a professional accountant is
engaged to perform an assurance
engagement for which specific standards
exist, those standards apply.
c. It provides basic principles and
essential procedures for
engagements intended to provide a
moderate level of assurance.
d. If no specific standards exist for an
assurance engagement, PSAE apply
regarding the Philippine Standards on
Assurance Engagements (PSAE)?
a. It provides an overall framework for
assurance engagements intended to
provide either a high or moderate level of
assurance.
b. When a professional accountant is
engaged to perform an assurance
engagement for which specific standards
exist, those standards apply.
c. It provides basic principles and
essential procedures for
engagements intended to provide a
moderate level of assurance.
d. If no specific standards exist for an
assurance engagement, PSAE apply