Adoption of Philippine Auditing Standards

Ask AI

PRC BOARD OF ACCOUNTANCY NO. 44, S. 2009: Adoption of Philippine Auditing Standards

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: Adoption of Philippine Auditing Standards

Law: Prc Board Of Accountancy No. 44, S. 2009

Decision Date: Mar 23, 2009

The PRC Board of Accountancy adopts the Auditing and Assurance Standards Council's revised pronouncements, establishing updated Philippine Standards on Auditing for Certified Public Accountants to enhance compliance and audit quality.

A

List of Adopted Pronouncements

Eleven specific Philippine Standards on Auditing (PSAs) were adopted:
1. PSA 200 (Revised and Redrafted): Objectives and conduct of an audit according to Philippine Standards.
2. PSA 250 (Redrafted): Consideration of laws and regulations during audit.
3. PSA 320 (Revised and Redrafted): Materiality in audit planning and execution.
4. PSA 450 (Revised and Redrafted): Evaluation of audit-identified misstatements.
5. PSA 510 (Redrafted): Initial audit engagements and opening balances.
6. PSA 530 (Redrafted): Audit sampling techniques.
7. PSA 550 (Revised and Redrafted): Related parties disclosures.
8. PSA 570 (Redrafted): Assessment of going concern.
9. PSA 580 (Revised and Redrafted): Written representations from management.
10. PSA 610 (Redrafted): Use of work performed by internal auditors.
11. PSA 705 (Revised and Redrafted): Modifications to an auditor's opinion.
12. PSA 706 (Revised and Redrafted): Emphasis of matter and other paragraphs in auditor’s report.

Board's Findings and Instruction for Compliance

After thorough study, the Board found the pronouncements well-founded and instructive.
It directed all practicing CPAs to comply with these adopted PSAs to maintain audit quality and standards.

Effective Date and Publication Requirements

The resolution and the pronouncements shall take effect 15 days after their publication.
Publication must be in the Official Gazette or any newspaper of general circulation, whichever is earlier.

Legal Formalities and Authentication

The resolution bears signatures of the Board Chairman, members, and the secretary.
It was approved by the Professional Regulation Commission’s Chairman and Commissioners.
The text is available at the Office of the National Administrative Register for reference and transparency.

END