![]() A brief history of ASPC is also available here. The AASC replaced the Auditing Standards and Practices Council (ASPC). The AASC’s objectives, organization, and working procedures are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance, and Related Services. This harmonization is expected to enhance the reliability and acceptability of audited financial statements of Philippine companies. ![]() The main objective of the AASC in adopting IAASB standards and practice statements is to attain uniformity of the local GAAS with the IAASB pronouncements. Country-specific standards and practice statements are developed to address specific auditing issues not covered by the IAASB pronouncements. At present, AASC pronouncements are mainly adopted from the standards and practice statements issued by the International Auditing and Assurance Standards Board (IAASB). (1994 revision) establishes a new field work standard. ![]() The AASC is the body authorized to establish and promulgate generally accepted auditing standards (GAAS) in the Philippines. the conduct of the audit under generally accepted auditing standards are communicated to those who. #Who establishes generally accepted auditing standards professional#The Auditing and Assurance Standards Council (AASC) was created in December 2005 under the Philippine Accountancy Act of 2004 by the Professional Regulation Commission (PRC) upon the recommendation of the Board of Accountancy (BOA). Who establishes generally accepted auditing standards Auditing Standards Board and the Public Company Accounting Oversight Board. The Authorized Body for Establishing Excellence in Philippine Auditing and Assurance ![]()
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