AASPIN- ACCOUNTING, AUDITING AND ASSURANCE OF SPECIALIZED INDUSTRY

WHAT ARE SPECIAL INDUSTRY/

1. BANKS AND FINANCIAL INSTITUTION

2. AIRLINES
3. CONSTRUCTION COMPANIES
4. INSURANCE COMPANIES
5. HMO
6. MANUFACTURING
7. ASSET, MANAGEMENT COMPANY
8. BPO
9. ELECTRIC COMPANIES
10. REAL ESTATE
11. AGRICULTURE
12. METAL BUILDING
13. MINING COMPANIES
14. HOLDING COMPANIES
SM- SM PRIME HOLDINGS CORPORATION
LUCIO TAN- TANGENT HOLDING CORPORATION
ROBINSON- ROBINSON RETAIL HOLDING CORPORATION
AYALA- AYALA HOLDING GROUP

15. TELECOMMUNICATION
16. PETROLEUM COMPANIES
17. NON-PROFIT ORGANIZATION

WHAT MAKES THEM SPECIAL/ POINT OF VIEW OF ACCOUNTING

1. BECAUSE OF CONTRIBUTION AND GROWTH TO THE SOCIETY

2. BECAUSE OF FINANCIAL REPORTING STANDARD APPLICABLE TO THE INDUSTRY
3. BECAUSE OF ACCOUNTING POLICY
4. BECAUSE OF DISCLOSURE IN THE FS
5. BECAUSE OF DISTINCT ACCOUNTING POLICY DEVELOPED TO AN ACCOUNT SPECIALIZED
TRANSACTION
6. BECAUSE OF ACCOUNTING FRAMEWORK – GAAP, IFRS
7. BECAUSE THEY HAVE INTERNAL GUIDANCE RELIANCE ON EXPERT
8. BECAUSE OF EXISTING DIFFERENT ACCOUNTS

BANKS

NEXT MEETING - FS OF THE BANKS

BANKS – DEPOSITORY AND LENDING INSTITUTIONS, BANKS AND SAVING INSTITUTIONS, CREDIT
UNIONS, FINANCE COMPANIES AND MORTGAGE CONPANIES.

SCOPE
 A. FINANCE COMPANIES INCLUDING FINANCE COMPANY SUBSIDIARY

B. ENTITIES THAT DO NOT CONSIDER THEMSELVES TO BE FINANCE COMPANIES THAT ENGAGE IN

TRANSACTIONS THAT INVOLVE LENDING TO OR REFINANCING THE ACTIVITIES OF OTHER –
TRADE RECEIVABLE AND INDEPENDENT AND CAPTIVE FINANCING ACTIVITIES OF ALL KINDS OF
ENTITIES.

1. SALE OF TRADE OF RECEIVABLE, BAOUGHT BAD DEBT ACCOUNT

C. DEPOSITORY INSTITUTIONS INSURED BY THE PDIC. PHIL DEPOSIT INSURANCE CORPORATION.

P500,000 INSURED DEPOSIT OF SAVING ACCOUNTS

D. BANK HOLDING COMPANIES

E. SAVING AND LOAN ASSOCIATION

F. BRANCHES AND AGENCIES OF FOREIGN BANK REGULATED BY BANGKO SENTRAL NG PILIPINAS

IDENTIFY FOREIGN BANKS; MAY BANK, CINB BANK, CITY BANK. SHINHAN BANK OF KOREA;
SHBC; bank of hina Ltd; cathay united bank co. ltd.

G. STATE BANK AND SAVING INSTITUTION THAT ARE INSURED BY THE STATE. LAND BANK; DBP
DEVELOPMENT BABK OF THE PHIL; AAIBP-AL AMANAH ISLAMIC BANK OF THE PHILIPPINES;
VETERANS FEDERATION BANKOF THE PHIL.

H. FOREIGN FINANCIAL INSTITUTIONS WHOSE FS ARE PURPORTED TO BE PREPARED IN

CONFORMITY WITH GAAP

I. MORTGAGED COMPANIES

J. CORPORATE CREDIT UNIONS –financial institution, similar to other financial institution, can offer
a wide range of products and services such as saving, checking, certificate of deposit – share
term certificate and loan product.

1. COA credit union

2. Bayanihan credit union

K. FINANCING AND LENDING ACTIVITIES OF INSURANCE COMPANIES- Manulife credit life product-
lending company protection; LBP INSURANCE BROKERAGE, INC.

ASSIGNMENT

BANKS AND SAVING INSTITUTIONS

1. DESCRIPTION OF THE BUSINESS

2. REGULATORY BACKGROUND- BSP

3. DEPOSIT INSURANCE FUND

4. CAPITAL ADEQUACY
 5. ANNUAL INDEPENDENT AUDITS AND REPORTING REQUIREMENTS

6. FS OF THE BANKS IN NEWSPAPER

CREDIT UNION

1. DESCRIPTION OF BUSINESS

2. BOD

3. CREDIT COMMITTEE

4. FINANCIAL STRUCTURE

5. GOVERNMENT SUPERVISIONS

6. FS OF CREDIT UNION