The Auditing and Assurance Standards Council (AASC) has approved on May 28, 2018 the adoption of International Standard on Auditing 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements, Including Related Conforming Amendments to Other International Standards issued by the International Auditing and Assurance Standards Board (IAASB) in October 2016, as Philippine Standard on Auditing 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements, Including Related Conforming Amendments to Other Philippine Standards.
