Key Contacts

Roberto G. Manabat
AASC Chairman

Enrico E. Baluyut
AASC Secretary

For a complete list of AASC members, click here.

Recent Site Updates

PSA 810 - June 2012

PSA 805 - June 2012

PSA 710 - June 2012

PSA 700 - June 2012

PSA 210 - June 2012

PSA 200 - June 2012

PSRS 4400 - June 2012

PSRE 2410 - June 2012

PSRE 2400 - June 2012

PSAE 3400 - June 2012

PSQC 1 - June 2012

AASC Key Contacts - March 2012

Welcome to AASC Philippines

The Auditing and Assurance Standards Council (AASC) is the body authorized to establish and promulgate generally accepted auditing standards (GAAS) in the Philippines. At present, AASC pronouncements are mainly adopted from the standards and practice statements issued by the International Auditing and Assurance Standards Board (IAASB). Country-specific standards and practice statements are developed to address specific auditing issues not covered by the IAASB pronouncements.

The main objective of the AASC in adopting IAASB standards and practice statements is to attain uniformity of the local GAAS with the IAASB pronouncements. This harmonization is expected to enhance the reliability and acceptability of audited financial statements of Philippine companies. The AASC's objectives, organization and working procedures are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.

The AASC replaced the Auditing Standards and Practices Council (ASPC). A brief history of ASPC is also available

UPDATES on Local Adoption of New Standards as of September 2016

Please click on the standards to download a copy of the file.

Approved by AASC, BOA, PRC, and published in the Official Gazette:

1. PSA 610 (Revised 2013) Using the Work of Internal Auditors and Related Conforming Amendments;

2. PSAE 3410 Assurance Engagements on Greenhouse Gas Statements;

3. PSRS 4410 (Revised) Compilation Engagements; and

4. PSRE 2400 (Revised) Engagements to Review Historical Financial Statements.

Approved by AASC, BOA, PRC, and pending publication in the Official Gazette:

1. PSA 260 (Revised), Communication with Those Charged with Governance;

2. PSA 570 (Revised), Going Concern;

3. PSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements;

4. PSA 701 (Revised), Communicating Key Audit Matters in the Independent Auditor's Report;

5. PSA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report;

6. PSA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report;

7. PSA 720 (Revised), The Auditor's Responsibilities Relating to Other Information.

Approved by AASC and for Submission to BOA and PRC:

1. PSA 800 (Revised), Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks;

2. PSA 805 (Revised), Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement;

3. PSA 810 (Revised), Engagements to Report on Summary Financial Statements.

AASC Pronouncements

The approach and working procedures used by the AASC in adopting AASC pronouncements, as well as the authority attaching to those pronouncements, are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.

Final AASC pronouncements, including those pending approval by the Board of Accountancy and the Professional Regulation Commission, are posted on the AASC website and may be downloaded free-of-charge.