Generally Accepted Auditing

Standards
1. General Standards (3)

2. Standards of Fieldwork (3)

3. Standards of Reporting (4)

1. Technical training and proficiency - The
examination is to be performed by a person or
persons having adequate technical training and
proficiency as an auditor

2. Independence - In all matters relating to the

assignment, an independence in mental attitude
is to be maintained by the auditor

3. Due professional care is to be exercised in the

performance of the audit and in the preparation
of the report
1. The work is to be adequately planned and
assistants, if any, are to be properly supervised

2. There is to be proper study and evaluation of

existing internal control as a basis for reliance
thereon and for the determination of the
resultant extent of the tests to which auditing
procedures are to be restricted
3. Sufficient competent evidential matter is to be
obtained through inspection, observation,
inquiries and confirmations to afford a
reasonable basis for an opinion regarding the
financial statements under examination
1. The report shall state whether the financial
statements are presented in accordance with
generally accepted accounting principles
2. The report shall identify those circumstances in
which principles have not been consistently
observed in the current period in relation to the
preceding period
3. Informative disclosures are to be regarded as
reasonably adequate unless otherwise stated in
the report
4. The report shall either contain an expression of
opinion regarding the financial statements,
taken as a whole, or an assertion to the effect
than an opinion cannot be expressed. When an
overall opinion cannot be expressed, the
reasons therefore should be stated. In all
cases, where an auditor's name is associated
with the financial statements, the report should
contain a clear-cut indication of the character
of the auditor's examination if any and the
degree of responsibility he is taking
Philippine Standards on Auditing
In 2001, the Auditing Standards and Practices Council (ASPC) of
the Philippines adopted the
• International Standards on Auditing (ISAs) and
• International Auditing Practice Statements (IAPSs) issued by
the International Auditing and Assurance Standards Board
(IAASB) established by the International Federation of
Accountants (IFAC)
to take over the development and issuance of International
Standards on Quality Control, Auditing, Assurance and Related
Services
The auditor shall comply with all PSAs relevant to the audit

The auditor shall have an understanding of the entire text of PSA,

including its application and other explanatory material, to
understand its objectives and to apply its requirements properly

The auditor shall not represent compliance with PSAs in the

auditor's report unless the auditor has complied with the
requirements of this PSA and all other PSAs relevant to the audit