PHILIPPINE STANDARD ON ASSURANCE ENGAGEMENTS 3410 ASSURANCE ENGAGEMENTS ON GREENHOUSE GAS STATEMENTS (Effective for assurance reports covering periods ending on or after September 30, 2013) CONTENTS Paragraph Introduction Scope of this PSAE Effective Date Objectives Definitions Requirements PSAE 3000 (Revised) Acceptance and Continuance of the Engagement Planning Materiality in Planning and Performing the Engagement Understanding the Entity and Its Environment, Including the Entity’s Internal Control, and Identifying and Assessing Risks of Material Misstatement Overall Responses to Assessed Risks of Material Misstatement and Further Procedures Using the Work of Other Practitioners Written Representations Subsequent Events Comparative Information Other Information Documentation Engagement Quality Control Review Forming the Assurance Conclusion Assurance Report Content Other Communication Requirements 1 2–11 12 13 14 15 16–18 19 20–22 23–34 35–56 57 58–60 61 62–63 64 65–70 71 72–75 76–77 78
Application and Other Explanatory Material Introduction Definitions PSAE 3000 (Revised) Acceptance and Continuance of the Engagement Planning Materiality in Planning and Performing the Engagement Understanding the Entity and Its Environment, including the Entity’s Internal Control, and Identifying and Assessing Risks of Material Misstatement Overall Responses to Assessed Risks of Material Misstatement and Further Procedures A1–A7 A8–A16 A17 A18–A37 A38–A43 A44–A51 A52–A89 A90–A112 Using the Work of Other Practitioners A113–A115 Written Representations Subsequent Events A116 A117 Comparative Information A118–A123 Other Information A124–A126 Documentation A127–A129 Engagement Quality Control Review A130 Forming the Assurance Conclusion A131–A133 Assurance Report Content A134–A152 Appendix 1: Emissions, Removals and Emissions Deductions Appendix 2: Illustrations of Assurance Reports on GHG Statements Philippine Standard on Assurance Engagements (PSAE) 3410, Assurance Engagements on Greenhouse Gas Statements, should be read in conjunction with the Preface to the Philippine Standards
(b) Evaluate the reliability of data from which the practitioner’s expectation of recorded quantities or ratios is developed, taking account of the source, comparability, and nature and relevance of information available, and controls over preparation; and Develop an expectation of recorded quantities or ratios which is sufficiently precise to identify possible material misstatements. 43L. If analytical procedures identify fluctuations or relationships that are inconsistent with other relevant information or that differ significantly from expected quantities or ratios, the practitioner shall make inquiries of the entity about such differences. The practitioner shall consider the responses to these inquiries to determine whether other procedures are necessary in the circumstances. (Ref: Para. A90(c)) (b) Evaluate the reliability of data from which the practitioner’s expectation of recorded quantities or ratios is developed, taking account of the source, comparability, and nature and relevance of information available, and controls over preparation; and (c) Develop an expectation of recorded quantities or ratios which is sufficiently precise to identify possible material misstatements. 43R. If analytical procedures identify fluctuations or relationships that are inconsistent with other relevant information or that differ significantly from expected quantities or ratios, the practitioner shall investigate such differences by: (Ref: Para. A90(c)) (a) Inquiring of the entity and obtaining additional evidence relevant to the entity’s responses; and (b) Performing other procedures as necessary in the circumstances. Limited Assurance Reasonable Assurance Procedures Regarding Estimates 44L. Based on the assessed risks of material misstatement, the practitioner shall: (Ref: Para. A103–A104) Evaluate whether: The entity has appropriately applied the requirements of the applicable criteria relevant to estimates; and Procedures Regarding Estimates 44R. Based on the assessed risks of material misstatement, the practitioner shall evaluate whether: (Ref: Para. A103) (a) The entity has appropriately applied the requirements of the applicable criteria relevant to estimates; and (b) The methods for making