The Auditing and Assurance Standards Council (AASC) has approved on January 29, 2024 the adoption of International Standards on Auditing Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and ISA 260 (Revised) Communication with Those Charged with Governance, as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities (PIEs), issued by the International Auditing and Assurance Standards Board (IAASB) in October 2023, as Philippine Standards on Auditing Narrow Scope Amendments to PSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and PSA 260 (Revised) Communication with Those Charged with Governance, as a Result of the Revisions to the Code of Ethics for Professional Accountants in the Philippines that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities (PIEs).
