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 Auditing | The revised standard shall be effective for audits of |
(PSA) 610 (Revised), Using the | financial statements for periods ending on or after |
Work of Internal Auditors and | December 15, 2013, except for provisions |
Related Conforming Amendments | highlighted (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 Those | financial statements for periods ending on or after |
Charged with Governance | December 15, 2016. |
PSA 570 (Revised), Going | The revised standard shall be for audits of financial |
Concern | statements for periods...
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