Adoption of Philippine Auditing Standards

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SEC MEMORANDUM CIRCULAR NO. 1, S. 2005: Adoption of Philippine Auditing Standards

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Title Source: Supreme Court: Adoption of Philippine Auditing Standards

Law: Sec Memorandum Circular No. 1, S. 2005

Decision Date: Jan 21, 2005

The Securities and Exchange Commission mandates the adoption of Philippine Standards on Auditing and Philippine Auditing Practice Statements, effective for audits of financial statements ending on or after December 31, 2004, to enhance the integrity and reliability of financial reporting.

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