The Auditing and Assurance Standards Council (AASC) pronouncements are mainly adopted from the standards and practice statements issued by the IAASB. The approach and working procedures used by the AASC in adopting these 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 this website and may be downloaded for free here.
Standards
The standards issued by the AASC are in the form of the following:
- Philippine Standards on Auditing (PSAs) are to be applied, as appropriate, in the audit of historical financial information.
- Philippine Standards on Review Engagements (PSREs) are to be applied in the review of historical financial information.
- Philippine Standards on Assurance Engagements (PSAEs) are to be applied in assurance engagements dealing with subject matters other than historical information.
- Philippine Standards on Related Services (PSRSs) are to be applied to compilation engagements, engagements to apply agreed upon procedures to information and other related services engagements as specified by the AASC.
- Philippine Standard on Quality Management (PSQM) [previously Philippine Standards on Quality Control (PSQCs)] are to be applied for all services falling under AASC enagagement standards.
Practice Statements
The AASC issues Philippine Auditing Practice Note (PAPN) [previously referred to as Philippine Auditing Practice Statements (PAPSs) that provide interpretative guidance and practical assistance to professional accountants in implementing PSAs and to promote good practice. Philippine Review Engagement Practice Statements (PREPSs), Philippine Assurance Engagement Practice Statements (PAEPSs), and Philippine Related Services Practice Statements (PRSPSs) are issued to serve the same purpose for implementation of PSREs, PSAEs, and PSRSs, respectively.