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Auditing
What is auditing?
An audit is an examination and verification of a company’s financial and accounting records and supporting documents by a professional, such as a Certified Public Accountant.
Who needs auditing and in the Philippines?
The Auditing and Assurance Standards Council is the body authorized to establish and promulgate Generally Accepted Auditing Standards (GAAS) in the Philippines. As of now, most pronouncements of the AASC Philippines come from the International Auditing and Assurance Standards Board (IAASB) and the country-specific matters not covered by the IAASB are developed independently. The Auditing and Assurance Standards Council published and enforces The Philippines Standards on Auditing (PSA).
What are the audit processes in this country?
The PSAs issued by the ASPC applies whenever an independent examination of financial statements of any entity, whether profit oriented or not, irrespective of the size or legal form, when such examination is conducted for the purpose of expressing an opinion thereon.
For more information on the processes of auditing in the Philippines, click here.
