The Auditing and Assurance Standards Council (AASC) is the body authorized to establish and promulgate generally accepted auditing standards (GAAS) in the Philippines. At present, AASC pronouncements are mainly adopted from the standards and practice statements issued by the International Auditing and Assurance Standards Board (IAASB).  Country-specific standards and practice statements are developed to address specific auditing issues not covered by the IAASB pronouncements.

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.  This harmonization is expected to enhance the reliability and acceptability of audited financial statements of Philippine companies.

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.

The AASC replaced the Auditing Standards and Practices Council (ASPC).  A brief history of ASPC is also available.

AASC Pronouncements

The approach and working procedures used by the AASC in adopting AASC pronouncements, as well as the authority attaching to those pronouncements, are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.

Projects

To keep in step with the pace of the IAASB’s issuance of its pronouncements, the AASC reviews IAASB’s proposed pronouncements as soon as these are released for comment.  AASC issues its corresponding exposure drafts after its review of the IAASB’s proposed pronouncements.  AASC exposure drafts are placed on the website and widely distributed for public comment.

The status of adoption provides information on the status of adoption by the AASC of specific final or proposed IAASB pronouncements.

The AASC has adopted the IFAC’s Implementation Guide, “Guide to Using International Standards on Auditing in the Audits of Small-and Medium-sized Entities,” released by the IAASB in December 2007.  The Guide and an accompanying Philippine Preface to the Guide, prepared by the AASC, are available here at the AASC website.

Key Contacts

Benjamin R. Punongbayan, AASC Chairman ( This e-mail address is being protected from spam bots, you need JavaScript enabled to view it )
Dalisay B. Duque, AASC Secretary ( This e-mail address is being protected from spam bots, you need JavaScript enabled to view it )

For a complete list of AASC members, click here.