Status Report by Type of Pronouncements December 2 2009

AUDITING AND ASSURANCE STANDARDS COUNCIL STATUS OF ADOPTION OF IAASB'S STANDARDS AND PRACTICE STATEMENTS BY TYPE OF PRONOUCEMENTS DECEMBER
2, 2009
APPROVED BY THE BOA/PRC AND PUBLISHED IN THE OFFICIAL GAZETTE
No. -
Title International Auditing and Assurance Standards Board Interim Terms of Reference Preface to the International Standards on Quality Control, Auditing, Review, Assurance and Related Services and Preface to Philippine Standards on Quality Control, Auditing, Review, Assurance and Related Services Preface to Philippine Standards on Auditing and Related Services Philippine Framework for Assurance Engagements
Date Approved by AASC 05/31/04
Date Approved by BOA/PRC 06/03/05
Date of Publication 09/12/05
Effective Date* -
Status
05/31/04
08/22/06
11/27/06
11/27/06
to be replaced by Preface (Dec 2006) effective 12/15/09
06/01/01
03/11/02
09/16/02
11/20/06
replaced by the Preface (May 2004)
09/27/04
08/22/06
11/20/06
report dated on or after 01/01/05
Glossary of Terms (December 2002) Glossary of Terms
08/30/04 06/25/01
12/17/04 03/11/02
04/25/05 09/16/02
amended by PSA 220 (Revised) withdrawn effective 04/25/05
Philippine Standards on Quality Control PSQC 1 Quality Control for Firms That Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements 02/21/05 06/28/06
QC systems should be established by 06/15/06 to be replaced by PSQC 1 (Redrafted) effective 12/15/09
-2Date Approved by AASC Date Approved by BOA/PRC Date of Publication Effective Date*
No. Philippine Standards on Auditing (PSAs) 120
Title
Status
Framework of Philippine Standards on Auditing Objective and General Principles Governing an Audit of Financial Statements
10/29/01
03/11/02
09/30/02
200
12/06/01
03/11/02
11/11/02
06/30/03
amended by PSA 700 (rev.); to be replaced by PSA 200 (Revised and Redrafted) effective 12/15/09
210
Terms of Audit Engagements
10/29/01
03/11/02
09/30/02
06/30/03
amended by PSA 700 (rev.); being redrafted under ED 111
220 (Rev.)
Quality Control for Audits of Historical Financial Information Quality Control for Audit Work Audit Documentation
02/21/05
06/28/06
08/21/06 **
periods beg. on or after 06/15/06
to be replaced by PSA 220 (Redrafted) effective 12/15/09 replaced by PSA 220 (rev.) to be replaced by PSA 230 (Redrafted) effective 12/15/09 replaced by PSA 230 (rev.) to be replaced by PSA 240 (Redrafted) effective 12/15/09
replaced by PSA 240 (Rev. 2005)
220 230 (Rev.)
12/06/01
03/11/02 06/28/06
11/04/02 08/21/06 **
06/30/03
230 240 (Rev. 2005)
Documentation The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements The Auditors Responsibility to Consider Fraud and Error in an Audit of Financial Statements Fraud and Error
12/06/01 01/21/05
03/11/02 06/28/06
11/11/02 08/21/06 **
06/30/03
240 (rev.)
09/15/03
02/09/03
06/21/04
06/30/04
240
12/06/01
03/11/02
10/28/02
06/30/03
withdrawn effective 06/21/04
-3Date Approved by AASC Date Approved by BOA/PRC Date of Publication Effective Date*
No.
Title
Status
250
Consideration of Laws and Regulations in an Audit of Financial Statements Communications of Audit Matters with Those Charged with Governance Planning an Audit of Financial Statements
02/28/02
10/28/02
04/28/03
06/30/03
to be replaced by PSA 250 (Redrafted) effective 12/15/09
260
02/24/03
09/03/03
12/22/03
12/31/03
to be replaced by PSA 260 (Revised and Redrafted) effective 12/15/09
300 (rev.)
09/27/04
06/03/05
01/02/06
to be replaced by PSA 300 (Redrafted) effective 12/15/09 replaced by PSA 300 (rev.) withdrawn effective 05/02/05 to be replaced by PSA 315 (Redrafted) effective 12/15/09 amended by PSA 240 (Rev. 2005); to be replaced by PSA 320 and PSA 450 (Rev. and Redrafted) effective 12/15/09
300 310 315
Planning Knowledge of Business Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement Audit Materiality
01/28/02 01/28/02 08/30/04
03/11/02 03/11/02 12/14/04
09/23/02 09/23/02 04/18/05
06/30/03 06/30/03
320
06/24/02
10/28/02
04/21/03
06/30/03
330
The Auditors Procedures in Response to Assessed Risks Risk Assessments and Internal Control Auditing in a Computer Information System Environment Audit Considerations Relating to Entities Using Service Organizations
08/30/04
12/17/04
04/25/05
to be replaced by PSA 330 (Redrafted) effective 12/15/09 withdrawn effective 05/02/05 withdrawn effective 05/02/05
400 401
04/29/02 04/29/02
10/28/02 10/28/02
04/21/03 04/21/03
06/30/03 06/30/03
402
06/24/02
10/28/02
03/31/03
06/30/03
being revised and redrafted under ED 109
-4Date Approved by AASC 08/30/04 Date Approved by BOA/PRC 12/17/04 Date of Publication 05/02/05 Effective Date*
No. 500 (rev.) Audit Evidence
Title
Status
to be replaced by PSA 500 (Redrafted) effective 12/15/09 withdrawn effective 05/02/05 to be replaced by PSA 501 (Redrafted) effective 12/15/09
500 501
Audit Evidence Audit Evidence Additional Considerations on Specific Items External Confirmations
09/30/02 09/30/02
02/06/03 02/06/03
05/26/03 06/02/03
12/31/03 12/31/03
505
02/24/03
09/08/03
01/05/04
12/31/03
510
Initial Engagements Opening Balances
06/24/02
10/28/02
04/14/03
06/30/03
520
Analytical Procedures
08/26/02
02/06/03
05/12/03
12/31/03
530
Audit Sampling and Other Selective Testing Procedures Audit of Accounting Estimates
11/04/02
06/02/03
08/25/03
12/31/03
540
12/02/02
09/04/03
12/29/03
12/31/03
545
Auditing Fair Value Measurements and Disclosures Related Parties
09/15/03
02/09/04
06/07/04
06/30/04
to be withdrawn effective 12/15/09
550
12/02/02
09/02/03
12/15/03
12/31/03
560
Subsequent Events
02/28/02
10/28/02
04/14/03
06/30/03
-5Date Approved by AASC 06/24/02 Date Approved by BOA/PRC 10/28/02 Date of Publication 03/24/03 Effective Date* 06/30/03
No. 570 Going Concern
Title
Status
580
Management Representations
01/20/03
09/03/03
12/29/03
12/31/03
600
Using the Work of Another Auditor
01/20/03
09/02/03
12/22/03
12/31/03
610
Considering the Work of Internal Auditing
08/26/02
02/06/03
05/12/03
12/31/03
620
Using the Work of an Expert
04/29/02
10/28/02
04/28/03
06/30/03
700 (Rev.)
The Independent Auditors Report on a Complete Set of General Purpose
02/21/05
06/28/06
08/21/06 **
reports dated on or after 12/31/06;
Financial Statements - including amendments to: PSA 200, Objective and General Principles Governing an Audit of FS PSA 210, Terms of Audit Engagements 08/21/06 **
periods beg. on or after 06/15/06 to be replaced by PSA 200 (Revised and Redrafted) effective 12/15/09 being redrafted under ED 111
08/21/06 **
PSA 560, Subsequent Events
08/21/06 **
reports dated on or after 12/31/06
to be replaced by PSA 560 (Redrafted) effective 12/15/09 to be replaced by PSA 705 and PSA 706 (Revised and Redrafted) effective 12/15/09 to be replaced by PSAs 800, 805 and 810 (Revised and Redrafted) effective 12/15/09
PSA 701, Modifications to the Independent Auditor's Report PSA 800, The Independent Auditor's Report on Special Purpose Audit Engagements
08/21/06 **
08/21/06 **
-6Date Approved by AASC 06/24/02 02/21/05 Date Approved by BOA/PRC 10/28/02 06/28/06 Date of Publication 03/31/03 08/21/06** Effective Date* 06/30/03
reports dated on or after 12/31/06 replaced by PSA 700 (rev.) to be replaced by PSA 705 and PSA 706 (Revised and Redrafted) effective 12/15/09 to be replaced by PSA 710 (Redrafted) effective 12/15/09 to be replaced by PSA 720 (Redrafted) effective 12/15/09
No. 700 701
Title The Auditors Reports on Financial Statements Modifications to the Independent Auditor's Report
710
Comparatives
05/27/02
10/28/02
04/07/03
report issued on or after 06/30/03
720
Other Information in Documents Containing Audited Financial Statements The Auditors Report on Special Purpose Audit Engagements
05/27/02
10/28/02
04/07/03
06/30/03
800
06/24/02
10/28/02
04/14/03
06/30/03
amended by PSA 700 (rev.), to be replaced by PSAs 800, 805 and 810 (Revised and Redrafted) effective 12/15/09
Philippine Auditing Practice Statements (PAPSs) 1000 1000Ph Inter-Bank Confirmation Procedures Audit Evidence Practical Problems in Audit of Financial Statements CIS Environment-Stand-Alone Personal Computers CIS Environment-On-Line Computer Systems CIS Environments-Database Systems The Relationship Between Bangko Sentral ng Pilipinas (BSP) and Banks External Auditors 09/30/02 05/31/04 02/06/03 10/26/04 05/26/03 01/03/05 12/31/03
periods ending on or after 03/31/05 to be replaced by PAPS 1000Ph
(Revised)
withdrawn in 12/04
1001
04/29/02
10/28/02
05/05/03
06/30/03
1002 1003 1004
05/27/02 08/26/02 02/24/03
10/28/02 02/06/03 09/02/03
05/05/03 05/12/03 12/15/03
06/30/03 12/31/03 12/31/03
withdrawn in 12/04 withdrawn in 12/04
-7Date Approved by AASC 09/27/04 Date Approved by BOA/PRC 06/03/05 Date of Publication 09/26/05 Effective Date*
No. 1005 (rev.)
Title The Special Consideration in the Audit of Small Entities The Special Consideration in the Audit of Small Audits of the Financial Statements of Banks Computer-Assisted Audit Techniques The Consideration of Environmental Matters in the Audit of Financial Statements Auditing Derivative Financial Instruments Electronic Commerce Effect on the Audit of Financial Statements Reporting by Auditors on Compliance with International Financial Reporting Standards
Status
1005 1006 1009 1010
09/15/03 06/30/03 02/24/03 04/28/03
02/10/04 10/24/03 09/02/03 09/02/03
06/28/04 01/05/04 12/08/03 12/08/03
06/30/04 12/31/03 12/31/03 12/31/03
withdrawn effective 09/26/05
withdrawn in 12/04
1012 1013
06/02/03
09/08/03
01/05/04
12/31/03
amended by PSA 220 (Rev.)
06/02/03 02/21/05
09/02/03 06/28/06
12/22/03 08/21/06**
12/31/03
1014
Philippine Standards on Review Engagements (PSREs) 2400 2410 Engagements to Review Financial Statements Review of Interim Financial Information Performed by the Independent Auditor of the Entity 09/30/02 12/05/05 02/06/03 06/28/06 05/19/03 08/21/06** 12/31/03
periods beg. on or after 12/15/06 previously PSA 910; amended in 2008 amended in 2008
-8Philippine Standards on Assurance Engagements (PSAEs) 3000 (Rev.) Assurance Engagements Other Than Audits or Reviews of Historical Financial Statements Assurance Engagements 09/27/04 09/25/06 08/21/06**
3000
04/28/03
09/08/03
01/12/04
previously PSA 100; replaced by PSAE 3000 (rev.) previously PSA 810
3400
The Examination of Prospective Financial Information
01/20/03
09/08/03
12/29/03
Philippine Standards on Related Services (PSRSs) 4400 Engagements to Perform Agreed-Upon Procedures Regarding Financial Information Engagements to Compile Financial Information 08/26/02 02/06/03 05/19/03
eng. undertaken beg. 12/31/03 previously PSA 920
4410
11/04/02
06/02/03
08/25/03
eng. undertaken beg. 12/31/03
previously PSA 930
PENDING PUBLICATION IN THE OFFICIAL GAZETTE
No. Dec. 2006
Title Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services and Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services Guidance in Dealing with "Tentative Financial Statements"
Date Approved by BOA/PRC 12/28/07
Date of Publication
Effective Date* 1215/09
Status
to replace Preface (May 2004)
PAPS 1001Ph
06/04/07
12/28/07
periods ending on or after 12/31/07
-9Date Approved by AASC 01/29/07 Date Approved by BOA/PRC 12/28/07 Date of Publication Effective Date*
No. 240 (Redrafted) 300 (Redrafted) 315 (Redrafted)
Title The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements Planning an Audit of Financial Statements
Status
to replace PSA 240 (Rev. 2005)
01/29/07
12/28/07
to replace PSA 300 (Rev.)
Identifying and Assessing the Risks of Material Misstatements Through Understanding the Entity and Its Environment The Auditor's Responses to Assessed Risks
01/29/07
12/28/07
to replace PSA 315
330 (Redrafted)
01/29/07
12/28/07
periods beg. on or
to replace PSA 330
600 The Audit of Group Financial Statements (Rev. & Redrafted) PAPS 1002Ph The Auditor's Report on General Purpose Financial Statements Prepared in Accordance with a Philippine Financial Reporting Framework other than PFRS
11/13/2007
10/31/08
to replace PSA 600
01/22/08
10/31/08
reports dated on or after 03/15/08; earlier application is allowed
to be replaced by PAPS 1002Ph
(Revised)
Amendments to: PSRE 2400 Engagements to Review Financial Statements the Independent Auditor of the Entity PSRE 2410 Review of Interim Financial Information Performed by
02/26/08
10/31/08
03/28/08
260
Communication with Those Charged with Governance
04/28/08
03/23/09
to replace PSA 260
(Rev. & Redrafted)

720
(Redrafted)
The Auditor's Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
04/28/08
03/23/09
to replace PSA 720
- 10 Date Approved by AASC 04/28/08 Date Approved by BOA/PRC 03/23/09 Date of Publication Effective Date*
No.
Title
Status
to replace PSA 540
540 Auditing Accounting Estimates, Including Fair Value (Rev. & Redrafted) Accounting Estimates, and Related Disclosures 230
Audit Documentation
05/26/08
03/23/09
to replace PSA 230 (Rev.)
(Redrafted)
560
Subsequent Events
05/26/08
03/23/09
to replace PSA 560
(Redrafted) 200 Overall Objectives of the Independent Auditor and the (Rev. & Redrafted) Conduct of an Audit in Accordance with Philippine
Standards on Auditing
10/27/08
03/23/09
submitted to BOA on 1/21/09; to replace PSA 200
250
(Redrafted)
Consideration of Laws and Regulations in an Audit of Financial Statements
07/28/08
03/23/09
to replace PSA 250
320 Materiality in Planning and Performing an Audit (Rev. & Redrafted) 450 Evaluation of Misstatements Identified during the Audit (Rev. & Redrafted)
510
10/27/08
03/23/09
to replace in part PSA 320
10/27/08
03/23/09
to replace in part PSA 320
Initial Audit Engagements - Opening Balances
08/28/08
03/23/09
to replace PSA 510
(Redrafted) 530 (Redrafted)

550
Audit Sampling
11/24/08
03/23/09
to replace PSA 530
Related Parties
07/28/08
03/23/09
to replace PSA 550
(Rev. & Redrafted)

570
Going Concern
08/28/08
03/23/09
to replace PSA 570
(Redrafted)
- 11 Date Approved by AASC 05/26/08 Date Approved by BOA/PRC 03/23/09 Date of Publication Effective Date*
No.
580
Title Written Representations
Status
to replace PSA 580
(Rev. & Redrafted) 610 (Redrafted) Using the Work of Internal Auditors 10/27/08 03/23/09
to replace PSA 610
705 Modifications to the Opinion in the Independent (Rev. & Redrafted) Auditor's Report 706 Emphasis of Matter Paragraphs and Other Matter (Rev. & Redrafted) Paragraphs in the Independent Auditor's Report
11/24/08
03/23/09
11/24/08
03/23/09
PENDING APPROVAL BY THE BOA/PRC
No. PSQC 1 (Redrafted)
Title Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements Quality Control for an Audit of Financial Statements
Date Approved by BOA/PRC
Date of Publication
Effective Date*
Status
submitted to BOA on 2/05/09; to replace PSQC 1
220 (Redrafted) 500 (Redrafted) 501 (Redrafted)
01/12/09
submitted to BOA on 2/05/09; to replace PSA 220 (Revised) submitted to BOA on 2/05/09; to replace PSA 500 (rev.) submitted to BOA on 2/05/09; to replace PSA 501 submitted to BOA on 2/05/09; to replace PSA 505
Audit Evidence
01/12/09
Audit Evidence - Specific Considerations for Selected Items
01/26/09
505 External Confirmations (Rev. & Redrafted)
01/26/09
- 12 Date Approved by AASC 01/26/09 Date Approved by BOA/PRC Date of Publication Effective Date*
No. 520 (Redrafted) Analytical Procedures
Title
Status
submitted to BOA on 2/05/09; to replace PSA 520 submitted to BOA on 4/20/09; to replace PSA 620 submitted to BOA on 4/20/09; to replace PSA 710 submitted to BOA on 12/01/09; to replace PSA 700 (Revised) submitted to BOA on 12/01/09; to replace PSA 210 submitted to BOA on 12/01/09
620 Using the Work of an Auditor's Expert (Rev. & Redrafted) 710 (Redrafted) 700 (Redrafted) 210 (Redrafted) 265 Comparative Information - Corresponding Figures and Comparative Financial Statements Forming an Opinion and Reporting on Financial Statements Agreeing the Terms of Audit Engagements
02/09/09
02/09/09
03/24/09
04/27/09
Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
04/27/09
402 Audit Considerations - Audits of Financial Statements (Rev. & Redrafted) Prepared in Accordance with Special Purpose Frameworks 800 Special Considerations - Audits of Financial Statements (Rev. & Redrafted) Prepared in Accordance with Special Purpose Frameworks 805 Special Considerations - Audits of Single Financial (Rev. & Redrafted) Statements and Specific Elements, Accounts or Items of a Financial Statement 810 Engagements to Report on Summary Financial Statements (Rev. & Redrafted)
04/27/09
submitted to BOA on 12/01/09; to replace PSA 402
05/25/09
submitted to BOA on 12/01/09; to replace PSA 800 (in part)
05/25/09
05/25/09
- 13 Date Approved by AASC 06/29/09 Date Approved by BOA/PRC Date of Publication Effective Date*
No.
Title
Status
submitted to BOA on 12/01/09
PAPS 1003Ph Guidance in Dealing with Reports Required by the SEC Relating to Increase in Capital Stock of a Corporation
PENDING FINAL CONSIDERATION BY THE AASC
No.
Title
Date Approved by AASC
Date Approved by BOA/PRC
Date of Publication
Effective Date*
Status to replace PAPS 1000Ph
PAPS 1000Ph Audit Evidence - Practical Problems in Audit of (Revised) Financial Statements PAPS 1002Ph The Auditor's Report on General Purpose Financial (Revised) Statements Prepared in Accordance with a Philippine Financial Reporting Framework other than PFRS
OUTSTANDING EXPOSURE DRAFTS Date ED No. No. Title
to replace PAPS 1002Ph
Released
Comment Deadline
110 PSAE 3402 Assurance Reports on Controls at a Third Party Service Organization
04/28/08
06/15/08
Notes:
* Effective for audits/reviews of FS or audit engagements for periods ending on or after the specified dates, unless otherwise stated. on or after the specified dates, unless otherwise stated. ** Refers to date of publication of BOA/PRC Resolution.

Status Report by Type of Pronouncements December 2 2009

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Status Report by Type of Pronouncements December 2 2009

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AUDITING AND ASSURANCE STANDARDS COUNCIL STATUS OF ADOPTION OF IAASB'S STANDARDS AND PRACTICE STATEMENTS BY TYPE OF PRONOUCEMENTS DECEMBER

APPROVED BY THE BOA/PRC AND PUBLISHED IN THE OFFICIAL GAZETTE

Date Approved by AASC 05/31/04

Date Approved by BOA/PRC 06/03/05

Date of Publication 09/12/05

to be replaced by Preface (Dec 2006) effective 12/15/09

replaced by the Preface (May 2004)

report dated on or after 01/01/05

Glossary of Terms (December 2002) Glossary of Terms

amended by PSA 220 (Revised) withdrawn effective 04/25/05

No. Philippine Standards on Auditing (PSAs) 120

Terms of Audit Engagements

amended by PSA 700 (rev.); being redrafted under ED 111

periods beg. on or after 06/15/06

220 230 (Rev.)

230 240 (Rev. 2005)

withdrawn effective 06/21/04

to be replaced by PSA 250 (Redrafted) effective 12/15/09

to be replaced by PSA 260 (Revised and Redrafted) effective 12/15/09

periods beg. on or after 12/15/04

300 310 315

01/28/02 01/28/02 08/30/04

03/11/02 03/11/02 12/14/04

09/23/02 09/23/02 04/18/05

periods beg. on or after 12/15/04

being revised and redrafted under ED 109

No. 500 (rev.) Audit Evidence

to be replaced by PSA 505 (Redrafted) effective 12/15/09

Initial Engagements Opening Balances

to be replaced by PSA 510 (Redrafted) effective 12/15/09

to be replaced by PSA 520 (Redrafted) effective 12/15/09

to be replaced by PSA 530 (Redrafted) effective 12/15/09

to be replaced by PSA 540 (Revised and Redrafted) effective 12/15/09

Auditing Fair Value Measurements and Disclosures Related Parties

to be withdrawn effective 12/15/09

to be replaced by PSA 550 (Revised and Redrafted) effective 12/15/09

to be replaced by PSA 560 (Redrafted) effective 12/15/09

No. 570 Going Concern

to be replaced by PSA 580 (Revised and Redrafted) effective 12/15/09

Using the Work of Another Auditor

to be replaced by PSA 600 (Revised and Redrafted) effective 12/15/09

Considering the Work of Internal Auditing

to be replaced by PSA 610 (Redrafted) effective 12/15/09

Using the Work of an Expert

to be replaced by PSA 620 (Revised and Redrafted) effective 12/15/09

The Independent Auditors Report on a Complete Set of General Purpose

reports dated on or after 12/31/06;

to be replaced by PSA 700 (Redrafted) effective 12/15/09

periods beg. on or after 06/15/06

PSA 560, Subsequent Events

reports dated on or after 12/31/06

reports dated on or after 12/31/06

reports dated on or after 12/31/06

No. 700 701

report issued on or after 06/30/03

1002 1003 1004

05/27/02 08/26/02 02/24/03

10/28/02 02/06/03 09/02/03

05/05/03 05/12/03 12/15/03

06/30/03 12/31/03 12/31/03

withdrawn in 12/04 withdrawn in 12/04

No. 1005 (rev.)

1005 1006 1009 1010

09/15/03 06/30/03 02/24/03 04/28/03