Adoption of Revised Auditing Standards and Amendments to Existing Accounting Standards, and Interpretations

January 9, 2018SEC MEMORANDUM CIRCULAR NO. 01-18SUBJECT : Adoption of Revised Auditing Standards and Amendments to Existing Accounting Standards, and Interpretations The Commission, in its meeting held on 09 January 2018, approved the adoption of the following pronouncements as part of SEC's rules and regulations on financial reporting: A. Revised Auditing StandardsTitleBrief DescriptionPhilippine Standards on Auditing 800 (Revised), Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework and Conforming Amendments to PSA 700 (Revised) Forming an Opinion and Reporting on Financial StatementsThis PSA is effective for audits of financial statements for periods ending on or after December 15, 2016. PSA 800 (Revised) (2016) supersedes PSA 800 (2009). However, this PSA does not override the requirements of the other PSAs. This PSA does not also purport to deal with all special considerations that may be relevant in the circumstances of the engagement.Philippine Standards on Auditing 805 (Revised), Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statements (2016)This PSA is effective for audits of financial statements for...