Adoption of New and Revised Auditing Standards and Standards on Assurance Engagements and Other Related Services

December 9, 2016

SEC MEMORANDUM CIRCULAR NO. 21-16

SUBJECT : Adoption of New and Revised Auditing Standards and Standards on Assurance Engagements and Other Related Services

The Commission, in its Resolution No. 847, Series of 2016, approved the adoption of the following new and revised auditing standards and standards on assurance engagements and other related services as part of SEC's rules and regulations on financial reporting:

Title
Brief Description
Philippine Standard on AuditingThe revised standard shall be effective for audits of
(PSA) 610 (Revised), Using thefinancial statements for periods ending on or after
Work of Internal Auditors andDecember 15, 2013, except for provisions
Related Conforming Amendmentshighlighted (see copy of the standard) pertaining to
the use of internal auditors to provide direct
assistance, which is effective for audits of financial
statements for periods ending on or after December
15, 2014.
PSA 260 (Revised),The revised standard shall be effective for audits of
Communication with Thosefinancial statements for periods ending on or after
Charged with GovernanceDecember 15, 2016.
PSA 570 (Revised), GoingThe revised standard shall be for audits of financial
Concernstatements for periods...

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