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