Law Summary
Scope and Effectivity
- The standards apply to audits of financial statements with periods ending on or after December 31, 2004, unless otherwise indicated.
- Some specific standards have different effectivity dates: June 30, 2004, for select standards, and March 31, 2005, for others.
List of Adopted PSAs and PAPSs
- PSA 100: Assurance Engagements
- PSA 240 (Revised): The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements
- PSA 505: External Confirmations
- PSA 545: Auditing Fair Value Measurements and Disclosures
- PSA 600: Using the Work of Another Auditor
- PSA 1005: The Special Consideration in the Audit of Small Business
- PSA 1008: Risk Assessments and Internal Control - CIS Characteristics and Considerations
- PSA 1009: Computer-Assisted Audit Techniques
- PSA 1010: The Consideration of Environmental Matters in the Audit of Financial Statements
- PSA 1012: Auditing Derivative Financial Instruments
- PSA 1000Ph: Audit Evidence - Practical Problems in Audits of Financial Statements
- PSA 315: Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- PSA 330: The Auditor's Procedures in Response to Assessed Risks
- PSA 500 (Revised): Audit Evidence
Accessibility of the Standards
- Copies of the prescribed auditing standards are available for public access at the office of the Philippine Institute of Certified Public Accountants (PICPA).
Implementation and Publication
- The Memorandum Circular became effective fifteen (15) days after its publication in two newspapers of general circulation.
Regulatory Oversight
- The issuance of this circular reflects the SEC's regulatory oversight role in standardizing auditing practices for auditors to align with recognized auditing principles and enhance the quality and reliability of financial audits.