• Don’t hesitate to contact us through the following: ph-aascsecretariat@kpmg.com
  • Visit our office today! We are located at:
    The KPMG Center, 6/F 6787 Ayala Avenue Makati City 1209, Philippines

Date: October 2021

Philippine Auditing Practice Notes (PAPN) are issued by the Auditing and Assurance Standards Council (AASC) to provide practical assistance to auditors and to promote good practice. They also provide material that auditing firms can use in developing training programs and internal guidance. PAPN do not have the authority of PSAs.

This PAPN does not establish any new basic principles or essential procedures. Its purpose is to assist auditors in developing good practice, by providing guidance on the application of the PSAs or relevant regulations when conducting an audit of financial statements. The auditors exercises professional judgment to determine the extent to which any of the procedures described in this PAPN may be appropriate in the light of the requirements of the PSAs, relevant regulations and certain particular circumtances.

This PAPN of the AASC is not based on a specific International Auditing Practice Notes (IAPN) issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants but was issued to address a specific situation in the Philippines.

Download The Cover Letter
Download The PAPN No. 001 of 2021

This entry was posted in Philippine Auditing Practice Note (PAPN). Bookmark the permalink.