ADOPTION OF INTERNATIONAL STANDARDS

AASC HAS THE ADOPTION OF : TheAPPROVED Auditing and Assurance Standards

Council (AASC) is the body authorized to establish and the standards and practices statements issued by Review International Standards on Auditing promulgate generally accepted auditing ISSB if these can be adopted in the Philippines with or International Standards on Auditing (ISA) are professional International S tandards onin Aany ssurance Engagement standards (GAAS) the local Philippines. without changes, after considering requirements standards for the performance of financial audit of financial by law or practice. imposed International S tandards on Review Engagement The ISAE applies where: International and Standard Assurance (ISAE) deals with information it on deals with Engagements the independent auditor's Such reporting is required by securities law or the regulation of the reasonable assurance engagements undertaken by a practitioner1 International on Related S ervices responsibilities The purpose Standards of when this conducting International an Standard audit of on financial Review

to report exchange on the responsible partys2 of pro financial securities (relevant law compilation or regulation) informa the jurisdiction Engagements ISAs statements. (ISRE) contain is to establish objectives standards and requirements and provide information in a prospectus. in which the prospectus is toincluded be issued; or together with guidance on the application auditors and professional other explanatory responsibilities material. when the International Standard Related Services (ISRS) deals financial with the Practices Statements auditor undertakes anon engagement to review interim practitioners responsibilities when engaged to assist management information of an audit client, and on the form and content of the provide practical assistance to auditors in with the preparation and presentation of historical financial report. implementing the standards promote good practice information without obtaining and any to assurance on that information, and to report on theprofession. engagement in accordance with this ISRS. in the accountancy

The AASC members have been assigned to workgroups and each workgroup is assigned specific ISA and IAPSs to review. Exposure Draft is distributed to interested organizations and persons for comment. The comments and suggestions received are considered by AASC and the exposure draft if revised as appropriate. When the revised drat is approved, it I sissued as a final PSA.