Adoption of AASC Auditing Pronouncements

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PRC BOARD OF ACCOUNTANCY NO. 43, S. 2009: Adoption of AASC Auditing Pronouncements

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Title Supreme Court: Adoption of AASC Auditing Pronouncements

Law: Prc Board Of Accountancy No. 43, S. 2009

Decision Date: Mar 23, 2009

The PRC Board of Accountancy adopts key pronouncements from the Auditing and Assurance Standards Council, enhancing compliance standards for Certified Public Accountants in areas such as governance communication, audit documentation, and accounting estimates.

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Rationale for Adoption

The Board conducted a study and review of the pronouncements.
Found the provisions well-taken and instructive for compliance.
Emphasized that the pronouncements should guide the conduct of practicing Certified Public Accountants (CPAs) in the Philippines.

Scope and Impact

The pronouncements form part of the Philippine Standards on Auditing.
Mandatory compliance is expected from all practicing CPAs.
Enhances the quality and consistency of auditing practices within the country.

Effective Date and Implementation

The resolution and the adopted pronouncements take effect fifteen (15) days after publication.
Publication can be in the Official Gazette or any newspaper of general circulation, whichever occurs earlier.

Signatories and Authentication

The resolution is signed by the Chairman and members of the Board of Accountancy.
Attested by the Secretary of Professional Regulatory Boards.
Approved by the Chairman and Commissioners of the Professional Regulation Commission.

Accessibility of Text

The full text of the pronouncements is available at the Office of the National Administrative Register located at the U.P. Law Complex in Diliman, Quezon City.

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