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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- Glossary of Terms 06/25/01 03/11/02 09/16/02 - withdrawn effective 04/25/05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:
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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
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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
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- 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
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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
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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
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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)
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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;
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(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
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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.