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Audit Considerations on the Occurrence of an Extraordinary Event


Philippine Auditing Practice Notes (PAPN or Notes) are issued by the Auditing and Assurance Standards Council (AASC) to provide assistance in implementing the Philippines Standards on Auditing (PSAs) or to promote good practice. Notes do not have the authority of PSAs.

This PAPN does not establish any new basic principles or essentials procedures its purpose is to assist auditors, and to develop good practice, by providing guidance on the application of the PSAs when conducting an audit of financial statements. The auditor exercises professional judgement to determine the extent to which any of the audit procedures described in this Notes may be appropriate in the light of the requirements of the PSAs and the entity’s particular circumstances.

This PAPN of the AASC is not based on 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.


April 2020

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