AUDITING AND ASSURANCE STANDARDS COUNCILSTATUS OF ADOPTION OF IAASB'S STANDARDS AND PRACTICE STATEMENTSBY TYPE OF PRONOUCEMENTSDECEMBER 2, 2009

APPROVED BY THE BOA/PRC AND PUBLISHED IN THE OFFICIAL GAZETTE

Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

International Auditing and Assurance Standards 05/31/04 06/03/05 09/12/05 -Board – Interim Terms of Reference

- Preface to the International Standards on 05/31/04 08/22/06 11/27/06 11/27/06 to be replaced by Preface (Dec 2006)Quality Control, Auditing, Review, Assurance and effective 12/15/09Related Services and Preface to Philippine Standards on Quality Control, Auditing, Review,Assurance and Related Services

- Preface to Philippine Standards on Auditing 06/01/01 03/11/02 09/16/02 11/20/06 replaced by the Preface (May 2004)and Related Services

Philippine Framework for Assurance Engagements 09/27/04 08/22/06 11/20/06 report dated on or after 01/01/05

- Glossary of Terms (December 2002) 08/30/04 12/17/04 04/25/05 - amended by PSA 220 (Revised)

- Glossary of Terms 06/25/01 03/11/02 09/16/02 - withdrawn effective 04/25/05

Philippine Standards on Quality Control

PSQC 1 Quality Control for Firms That Perform Audits 02/21/05 06/28/06 QC systems should to be replaced by PSQC 1 (Redrafted)and Reviews of Historical Financial Information, be established by effective 12/15/09and Other Assurance and Related Services 06/15/06Engagements

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

Philippine Standards on Auditing (PSAs)

120 Framework of Philippine Standards on 10/29/01 03/11/02 09/30/02 -Auditing

200 Objective and General Principles Governing 12/06/01 03/11/02 11/11/02 06/30/03 amended by PSA 700 (rev.);an Audit of Financial Statements to be replaced by PSA 200 (Revised

and Redrafted) effective 12/15/09

210 Terms of Audit Engagements 10/29/01 03/11/02 09/30/02 06/30/03 amended by PSA 700 (rev.);being redrafted under ED 111

220 (Rev.) Quality Control for Audits of Historical 02/21/05 06/28/06 08/21/06 ** periods beg. on or to be replaced by PSA 220 (Redrafted)Financial Information after 06/15/06 effective 12/15/09

220 Quality Control for Audit Work 12/06/01 03/11/02 11/04/02 06/30/03 replaced by PSA 220 (rev.)

230 (Rev.) Audit Documentation 06/28/06 08/21/06 ** periods beg. on or to be replaced by PSA 230 (Redrafted)after 06/15/06 effective 12/15/09

230 Documentation 12/06/01 03/11/02 11/11/02 06/30/03 replaced by PSA 230 (rev.)

240 (Rev. 2005) The Auditor's Responsibility to Consider 01/21/05 06/28/06 08/21/06 ** periods beg. on or to be replaced by PSA 240 (Redrafted)Fraud in an Audit of Financial Statements after 06/15/06 effective 12/15/09

240 (rev.) The Auditor’s Responsibility to Consider 09/15/03 02/09/03 06/21/04 06/30/04 replaced by PSA 240 (Rev. 2005)

Fraud and Error in an Audit of Financial Statements

240 Fraud and Error 12/06/01 03/11/02 10/28/02 06/30/03 withdrawn effective 06/21/04

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

250 Consideration of Laws and Regulations in an 02/28/02 10/28/02 04/28/03 06/30/03 to be replaced by PSA 250 (Redrafted)Audit of Financial Statements effective 12/15/09

260 Communications of Audit Matters with Those 02/24/03 09/03/03 12/22/03 12/31/03 to be replaced by PSA 260 (Revised andCharged with Governance Redrafted) effective 12/15/09

300 (rev.) Planning an Audit of Financial Statements 09/27/04 06/03/05 01/02/06 periods beg. on or to be replaced by PSA 300 (Redrafted)after 12/15/04 effective 12/15/09

300 Planning 01/28/02 03/11/02 09/23/02 06/30/03 replaced by PSA 300 (rev.)

310 Knowledge of Business 01/28/02 03/11/02 09/23/02 06/30/03 withdrawn effective 05/02/05

315 Understanding the Entity and its Environment 08/30/04 12/14/04 04/18/05 periods beg. on or to be replaced by PSA 315 (Redrafted)and Assessing the Risks of Material Misstatement after 12/15/04 effective 12/15/09

320 Audit Materiality 06/24/02 10/28/02 04/21/03 06/30/03 amended by PSA 240 (Rev. 2005);to be replaced by PSA 320 and PSA 450(Rev. and Redrafted) effective 12/15/09

330 The Auditor’s Procedures in Response to Assessed 08/30/04 12/17/04 04/25/05 periods beg. on or to be replaced by PSA 330 (Redrafted)Risks after 12/15/04 effective 12/15/09

400 Risk Assessments and Internal Control 04/29/02 10/28/02 04/21/03 06/30/03 withdrawn effective 05/02/05

401 Auditing in a Computer Information System 04/29/02 10/28/02 04/21/03 06/30/03 withdrawn effective 05/02/05Environment

402 Audit Considerations Relating to Entities Using 06/24/02 10/28/02 03/31/03 06/30/03 being revised and redrafted under Service Organizations ED 109

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

500 (rev.) Audit Evidence 08/30/04 12/17/04 05/02/05 periods beg. on or to be replaced by PSA 500 (Redrafted)after 12/15/04 effective 12/15/09

500 Audit Evidence 09/30/02 02/06/03 05/26/03 12/31/03 withdrawn effective 05/02/05

501 Audit Evidence – Additional Considerations 09/30/02 02/06/03 06/02/03 12/31/03 to be replaced by PSA 501 (Redrafted)on Specific Items effective 12/15/09

505 External Confirmations 02/24/03 09/08/03 01/05/04 12/31/03 to be replaced by PSA 505 (Redrafted)effective 12/15/09

510 Initial Engagements – Opening Balances 06/24/02 10/28/02 04/14/03 06/30/03 to be replaced by PSA 510 (Redrafted)effective 12/15/09

520 Analytical Procedures 08/26/02 02/06/03 05/12/03 12/31/03 to be replaced by PSA 520 (Redrafted)effective 12/15/09

530 Audit Sampling and Other Selective Testing 11/04/02 06/02/03 08/25/03 12/31/03 to be replaced by PSA 530 (Redrafted)Procedures effective 12/15/09

540 Audit of Accounting Estimates 12/02/02 09/04/03 12/29/03 12/31/03 to be replaced by PSA 540 (Revisedand Redrafted) effective 12/15/09

545 Auditing Fair Value Measurements and 09/15/03 02/09/04 06/07/04 06/30/04 to be withdrawn effective 12/15/09Disclosures

550 Related Parties 12/02/02 09/02/03 12/15/03 12/31/03 to be replaced by PSA 550 (Revisedand Redrafted) effective 12/15/09

560 Subsequent Events 02/28/02 10/28/02 04/14/03 06/30/03 to be replaced by PSA 560 (Redrafted)effective 12/15/09

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

570 Going Concern 06/24/02 10/28/02 03/24/03 06/30/03 to be replaced by PSA 570 (Redrafted)effective 12/15/09

580 Management Representations 01/20/03 09/03/03 12/29/03 12/31/03 to be replaced by PSA 580 (Revisedand Redrafted) effective 12/15/09

600 Using the Work of Another Auditor 01/20/03 09/02/03 12/22/03 12/31/03 to be replaced by PSA 600 (Revisedand Redrafted) effective 12/15/09

610 Considering the Work of Internal Auditing 08/26/02 02/06/03 05/12/03 12/31/03 to be replaced by PSA 610 (Redrafted)effective 12/15/09

620 Using the Work of an Expert 04/29/02 10/28/02 04/28/03 06/30/03 to be replaced by PSA 620 (Revisedand Redrafted) effective 12/15/09

700 (Rev.) The Independent Auditor’s Report on a 02/21/05 06/28/06 08/21/06 ** reports dated on or to be replaced by PSA 700 (Redrafted)Complete Set of General Purpose after 12/31/06; effective 12/15/09

PSA 200, Objective and General Principles Governing 08/21/06 ** periods beg. on or to be replaced by PSA 200 (Revisedan Audit of FS after 06/15/06 and Redrafted) effective 12/15/09

PSA 210, Terms of Audit Engagements 08/21/06 ** periods beg. on or being redrafted under ED 111after 06/15/06

PSA 560, Subsequent Events 08/21/06 ** reports dated on or to be replaced by PSA 560 (Redrafted)after 12/31/06 effective 12/15/09

PSA 701, Modifications to the Independent Auditor's 08/21/06 ** reports dated on or to be replaced by PSA 705 and PSA 706Report after 12/31/06 (Revised and Redrafted) effective 12/15/09

Financial Statements - including amendments to:

PSA 800, The Independent Auditor's Report on 08/21/06 ** reports dated on or to be replaced by PSAs 800, 805 andSpecial Purpose Audit Engagements after 12/31/06 810 (Revised and Redrafted) effective 12/15/09

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date*

700 The Auditor’s Reports on Financial Statements 06/24/02 10/28/02 03/31/03 06/30/03 replaced by PSA 700 (rev.)

701 Modifications to the Independent Auditor's Report 02/21/05 06/28/06 08/21/06** reports dated on or to be replaced by PSA 705 and PSA 706after 12/31/06 (Revised and Redrafted) effective 12/15/09

710 Comparatives 05/27/02 10/28/02 04/07/03 report issued on or to be replaced by PSA 710 (Redrafted)after 06/30/03 effective 12/15/09

720 Other Information in Documents Containing 05/27/02 10/28/02 04/07/03 06/30/03 to be replaced by PSA 720 (Redrafted)Audited Financial Statements effective 12/15/09

800 The Auditor’s Report on Special Purpose 06/24/02 10/28/02 04/14/03 06/30/03 amended by PSA 700 (rev.),Audit Engagements to be replaced by PSAs 800, 805 and

810 (Revised and Redrafted) effective 12/15/09

Philippine Auditing Practice Statements (PAPSs)

1000 Inter-Bank Confirmation Procedures 09/30/02 02/06/03 05/26/03 12/31/03

1000Ph Audit Evidence – Practical Problems in Audit 05/31/04 10/26/04 01/03/05 periods ending on to be replaced by PAPS 1000Phof Financial Statements or after 03/31/05 (Revised)

1001 CIS Environment-Stand-Alone Personal 04/29/02 10/28/02 05/05/03 06/30/03 withdrawn in 12/04Computers

1002 CIS Environment-On-Line Computer Systems 05/27/02 10/28/02 05/05/03 06/30/03 withdrawn in 12/04

1003 CIS Environments-Database Systems 08/26/02 02/06/03 05/12/03 12/31/03 withdrawn in 12/04

1004 The Relationship Between Bangko Sentral 02/24/03 09/02/03 12/15/03 12/31/03ng Pilipinas (BSP) and Banks’ External Auditors

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

1005 (rev.) The Special Consideration in the Audit of Small 09/27/04 06/03/05 09/26/05 periods beg. on orEntities after 12/15/04

1005 The Special Consideration in the Audit of Small 09/15/03 02/10/04 06/28/04 06/30/04 withdrawn effective 09/26/05

1006 Audits of the Financial Statements of Banks 06/30/03 10/24/03 01/05/04 12/31/03

1009 Computer-Assisted Audit Techniques 02/24/03 09/02/03 12/08/03 12/31/03 withdrawn in 12/04

1010 The Consideration of Environmental Matters in the 04/28/03 09/02/03 12/08/03 12/31/03Audit of Financial Statements

1012 Auditing Derivative Financial Instruments 06/02/03 09/08/03 01/05/04 12/31/03 amended by PSA 220 (Rev.)

1013 Electronic Commerce – Effect on the Audit ofFinancial Statements 06/02/03 09/02/03 12/22/03 12/31/03

1014 Reporting by Auditors on Compliance with 02/21/05 06/28/06 08/21/06** reports dated on orInternational Financial Reporting Standards after 06/15/06

Philippine Standards on Review Engagements (PSREs)

2400 Engagements to Review Financial Statements 09/30/02 02/06/03 05/19/03 12/31/03 previously PSA 910; amended in 2008

2410 Review of Interim Financial Information Performed by the 12/05/05 06/28/06 08/21/06** periods beg. on or amended in 2008Independent Auditor of the Entity after 12/15/06

- 8 -Philippine Standards on Assurance Engagements (PSAEs)

3000 (Rev.) Assurance Engagements Other Than Audits or Reviews 09/27/04 09/25/06 08/21/06**of Historical Financial Statements after 01/01/05

3000 Assurance Engagements 04/28/03 09/08/03 01/12/04 report dated on or previously PSA 100;after 12/31/2003 replaced by PSAE 3000 (rev.)

3400 The Examination of Prospective Financial Information 01/20/03 09/08/03 12/29/03 periods beg. on previously PSA 810or after 01/01/04

Philippine Standards on Related Services (PSRSs)

4400 Engagements to Perform Agreed-Upon Procedures 08/26/02 02/06/03 05/19/03 eng. undertaken previously PSA 920Regarding Financial Information beg. 12/31/03

4410 Engagements to Compile Financial Information 11/04/02 06/02/03 08/25/03 eng. undertaken previously PSA 930beg. 12/31/03

PENDING PUBLICATION IN THE OFFICIAL GAZETTE

Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

Dec. 2006 Preface to the International Standards on 01/29/07 12/28/07 1215/09 to replace Preface (May 2004)Quality Control, Auditing, Review, Other Assuranceand Related Services and Preface to Philippine

report dated on or

Standards on Quality Control, Auditing, Review,Other Assurance and Related Services

PAPS 1001Ph Guidance in Dealing with "Tentative Financial 06/04/07 12/28/07 periods ending onStatements" or after 12/31/07

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

240 The Auditor's Responsibilities Relating to Fraud in an 01/29/07 12/28/07 periods beg. on or to replace PSA 240 (Rev. 2005)(Redrafted) Audit of Financial Statements after 12/15/09

300 Planning an Audit of Financial Statements 01/29/07 12/28/07 periods beg. on or to replace PSA 300 (Rev.)(Redrafted) after 12/15/09

315 Identifying and Assessing the Risks of Material 01/29/07 12/28/07 periods beg. on or to replace PSA 315(Redrafted) Misstatements Through Understanding the Entity and after 12/15/09

Its Environment

330 The Auditor's Responses to Assessed Risks 01/29/07 12/28/07 periods beg. on or to replace PSA 330(Redrafted)

600 The Audit of Group Financial Statements 11/13/2007 10/31/08 periods beg. on or to replace PSA 600(Rev. & Redrafted) after 12/15/09

PAPS 1002Ph The Auditor's Report on General Purpose Financial 01/22/08 10/31/08 reports dated on or to be replaced by PAPS 1002PhStatements Prepared in Accordance with a Philippine after 03/15/08; earlier (Revised)Financial Reporting Framework other than PFRS application is allowed

Amendments to: 02/26/08 10/31/08 03/28/08 PSRE 2400 Engagements to Review Financial Statements

the Independent Auditor of the Entity PSRE 2410 Review of Interim Financial Information Performed by

260 Communication with Those Charged with Governance 04/28/08 03/23/09 periods beg. on or to replace PSA 260(Rev. & Redrafted) after 12/15/09

720 The Auditor's Responsibility in Relation to Other 04/28/08 03/23/09 periods beg. on or to replace PSA 720(Redrafted) Information in Documents Containing Audited after 12/15/09

Financial Statements

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

540 Auditing Accounting Estimates, Including Fair Value 04/28/08 03/23/09 periods beg. on or to replace PSA 540(Rev. & Redrafted) Accounting Estimates, and Related Disclosures after 12/15/09

230 Audit Documentation 05/26/08 03/23/09 periods beg. on or to replace PSA 230 (Rev.)(Redrafted) after 12/15/09

560 Subsequent Events 05/26/08 03/23/09 periods beg. on or to replace PSA 560(Redrafted) after 12/15/09

200 Overall Objectives of the Independent Auditor and the 10/27/08 03/23/09 periods beg. on or submitted to BOA on 1/21/09;(Rev. & Redrafted) Conduct of an Audit in Accordance with Philippine after 12/15/09 to replace PSA 200

Standards on Auditing

250 Consideration of Laws and Regulations in an Audit of 07/28/08 03/23/09 periods beg. on or to replace PSA 250(Redrafted) Financial Statements after 12/15/09

320 Materiality in Planning and Performing an Audit 10/27/08 03/23/09 periods beg. on or to replace in part PSA 320(Rev. & Redrafted) after 12/15/09

450 Evaluation of Misstatements Identified during the Audit 10/27/08 03/23/09 periods beg. on or to replace in part PSA 320(Rev. & Redrafted) after 12/15/09

510 Initial Audit Engagements - Opening Balances 08/28/08 03/23/09 periods beg. on or to replace PSA 510(Redrafted) after 12/15/09

530 Audit Sampling 11/24/08 03/23/09 periods beg. on or to replace PSA 530(Redrafted) after 12/15/09

550 Related Parties 07/28/08 03/23/09 periods beg. on or to replace PSA 550(Rev. & Redrafted) after 12/15/09

570 Going Concern 08/28/08 03/23/09 periods beg. on or to replace PSA 570(Redrafted) after 12/15/09

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

580 Written Representations 05/26/08 03/23/09 periods beg. on or to replace PSA 580(Rev. & Redrafted) after 12/15/09

610 Using the Work of Internal Auditors 10/27/08 03/23/09 periods beg. on or to replace PSA 610(Redrafted) after 12/15/09

705 Modifications to the Opinion in the Independent 11/24/08 03/23/09 periods beg. on or(Rev. & Redrafted) Auditor's Report after 12/15/09

706 Emphasis of Matter Paragraphs and Other Matter 11/24/08 03/23/09 periods beg. on or(Rev. & Redrafted) Paragraphs in the Independent Auditor's Report after 12/15/09

PENDING APPROVAL BY THE BOA/PRC

Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

PSQC 1 Quality Control for Firms that Perform Audits and 01/12/09 periods beg. on or submitted to BOA on 2/05/09;(Redrafted) Reviews of Financial Statements, and Other Assurance after 12/15/09 to replace PSQC 1

and Related Services Engagements

220 Quality Control for an Audit of Financial Statements 01/12/09 periods beg. on or submitted to BOA on 2/05/09;(Redrafted) after 12/15/09 to replace PSA 220 (Revised)

500 Audit Evidence 01/12/09 periods beg. on or submitted to BOA on 2/05/09;(Redrafted) after 12/15/09 to replace PSA 500 (rev.)

501 Audit Evidence - Specific Considerations for Selected 01/26/09 periods beg. on or submitted to BOA on 2/05/09;(Redrafted) Items after 12/15/09 to replace PSA 501

505 External Confirmations 01/26/09 periods beg. on or submitted to BOA on 2/05/09;(Rev. & Redrafted) after 12/15/09 to replace PSA 505

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

520 Analytical Procedures 01/26/09 periods beg. on or submitted to BOA on 2/05/09;(Redrafted) after 12/15/09 to replace PSA 520

620 Using the Work of an Auditor's Expert 02/09/09 periods beg. on or submitted to BOA on 4/20/09;(Rev. & Redrafted) after 12/15/09 to replace PSA 620

710 Comparative Information - Corresponding Figures and 02/09/09 periods beg. on or submitted to BOA on 4/20/09;(Redrafted) Comparative Financial Statements after 12/15/09 to replace PSA 710

700 Forming an Opinion and Reporting on Financial 03/24/09 periods beg. on or submitted to BOA on 12/01/09;(Redrafted) Statements after 12/15/09 to replace PSA 700 (Revised)

210 Agreeing the Terms of Audit Engagements 04/27/09 periods beg. on or submitted to BOA on 12/01/09;(Redrafted) after 12/15/09 to replace PSA 210

265 Communicating Deficiencies in Internal Control to 04/27/09 periods beg. on or submitted to BOA on 12/01/09Those Charged with Governance and Management after 12/15/09

402 Audit Considerations - Audits of Financial Statements 04/27/09 periods beg. on or submitted to BOA on 12/01/09;(Rev. & Redrafted) Prepared in Accordance with Special Purpose after 12/15/09 to replace PSA 402

Frameworks

800 Special Considerations - Audits of Financial Statements 05/25/09 periods beg. on or submitted to BOA on 12/01/09;

(Rev. & Redrafted) Prepared in Accordance with Special Purpose after 12/15/09 to replace PSA 800 (in part) Frameworks

805 Special Considerations - Audits of Single Financial 05/25/09 periods beg. on or submitted to BOA on 12/01/09;(Rev. & Redrafted) Statements and Specific Elements, Accounts or Items after 12/15/09 to replace PSA 800 (in part)

of a Financial Statement

810 Engagements to Report on Summary Financial Statements 05/25/09 periods beg. on or submitted to BOA on 12/01/09;(Rev. & Redrafted) after 12/15/09 to replace PSA 800 (in part)

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Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

PAPS 1003Ph Guidance in Dealing with Reports Required by the SEC 06/29/09 periods beg. on or submitted to BOA on 12/01/09Relating to Increase in Capital Stock of a Corporation after 12/15/09

PENDING FINAL CONSIDERATION BY THE AASC

Date Approved Date Approved Date of Effective No. Title by AASC by BOA/PRC Publication Date* Status

PAPS 1000Ph Audit Evidence - Practical Problems in Audit of to replace PAPS 1000Ph(Revised) Financial Statements

PAPS 1002Ph The Auditor's Report on General Purpose Financial to replace PAPS 1002Ph(Revised) Statements Prepared in Accordance with a Philippine

Financial Reporting Framework other than PFRS

OUTSTANDING EXPOSURE DRAFTSDate Comment

ED No. No. Title Released Deadline

110 PSAE 3402 Assurance Reports on Controls at a Third Party

Service Organization 04/28/08 06/15/08

Notes: * Effective for audits/reviews of FS or audit engagements for periods ending on or after the specified dates, unless otherwise stated. on or after the specified dates, unless otherwise stated.

** Refers to date of publication of BOA/PRC Resolution.