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.

Final AASC pronouncements, including those pending approval by the Board of Accountancy and the Professional Regulation Commission, are posted on the AASC website and may be downloaded free-of-charge.