Auditing and Assurance Standards Council (AASC)

Ruling body ensuring the excellence and uniformity of auditing and assurance
related services in the country.
Main objective: Attain uniformity of the local GAAS with the IAASB
pronouncement.

Philippine Standards on Auditing

Philippine Auditing Practice Statements (PAPS)

The purpose of this Philippine Auditing Practice Statement (PAPS) is to provide
practical guidance in addition to that contained in PSA 500, “Audit Evidence,”
with respect to certain specific financial statement amounts and other
disclosures.
Its purpose is to assist auditors, and to develop good practice, by providing
guidance on the application of the PSAs when conducting an audit of financial
statements.

Philippine Standards in Review Engagements (PSREs)

It is to establish standards and provide guidance on the auditor’s professional
responsibilities when the auditor undertakes an engagement to review interim
financial information of an audit client, and on the form and content of the
report.
Are to be applied in the review of historical financial information.

Philippine Standards on Assurance Engagements (PSAE)

It is to establish standards and provide guidance on engagements to examine
and report on prospective financial information including examination
procedures for best-estimate and hypothetical assumptions.
Are to be applied in assurance engagements dealing with subject matters other
than historical information.

Philippine Standards on Related Services (PSRS)

Are to be applied to compilation engagements, engagements to apply agreed
upon procedures to information and other related services engagements as
specified by the AASC.

Philippine Standards on Quality Control (PSQC)

Deals with a firm's responsibilities for its system of quality control for audits
and reviews of FS, and other assurance and related services engagements
Applies to all firms of professional accountants. The nature and extent of the
policies and procedures will depend on various factors such as such and
operating characteristics of the firm.
Intended to assist the firm in:
Understanding what needs to be accomplished.
Deciding whether more needs to be done to achieve the objective.
a.) The firm and its personnel comply with professional standards and
regulatory and legal requirements.
b.) Reports issued by the firm or the engagement partners are appropriate in
the circumstances.
The firm’s system of quality control:
Shall understand this PSQC.
Shall comply with each requirement of this PSQC.

Quality Control for an audit of Financial Information (PSA 220)

PSA 220 deals with the specific responsibilities of the auditor regarding quality
control procedures for an audit of financial statements.
Under PSQC – a firm or engagement team should implement quality control
procedures that are applicable to the individual audit engagement.