There is no need for any clarification on the discussion about “ PSA 120, PSA 200 & ATTESTATION”

since the video discussions and power-points gave a clear point on what should be understand about
the topic. Though I find it difficult to grasp all the discussions, but I am doing my best to understand
all the topic that has been discussed.

I learned from the topic that PSAs include the fundamental principles and practices, as well as
relevant assistance in the form of explanatory and other materials. The basic principles and practices
must be interpreted in light of the explanatory and other materials that give context for their
implementation. The independent auditor's overall responsibilities when performing an audit of
financial statements in line with PSAs are defined by the Philippine Standard on Auditing (PSA). It
defines the type and scope of an audit designed to enable the independent auditor to accomplish
those objectives, as well as the general objectives of the independent auditor. It also outlines the
PSAs' scope, authority, and structure, as well as regulations outlining the independent auditor's
general responsibilities, which apply to all audits, including the responsibility to follow the PSAs.