Adoption of the Philippine Standards on Auditing

May 8, 2003 SEC MEMORANDUM CIRCULAR NO. 09-03 SUBJECT : Adoption of the Philippine Standards on Auditing The Commission, in its Resolution No. 164 Series of 2003 dated May 8, 2003, approved the adoption in its rules and regulations of the following Philippine Standards on Auditing approved by the Auditing Standards and Practices Council and the Board of Accountancy (BOA)/Professional Regulation Commission (PRC). These are all effective June 30, 2003. PSAs/PAPS Title No. Preface to Philippine Standards on Auditing and Related Services Glossary of Terms 310 Knowledge of the Business 300 Planning 120 Framework of Philippine Standards on Auditing 210 Terms of Audit Engagements 240 Fraud and Error 220 Quality Control for Audit Work 200 Objective and General Principles Governing an Audit of Financial Statements 230 Documentation 570 Going Concern 402 Audit Considerations relating to Entities Using Service Organizations 700 The Auditor's Report on Financial Statements 710 Comparatives 720 Other Information in Documents Containing Audited Financial Statements 510 Initial Engagements Opening Balances 560 Subsequent Events 800 The Auditor's Report on Special Purpose Audit Engagements This Memorandum Circular becomes effective for annual audited financial statements covering the period beginning July 01, 2002 . Copies thereof are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA). cHaICD This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation. Issued this 8th day of May 2003 at EDSA, Greenhills, Mandaluyong City. (SGD.) LILIA R. BAUTISTA Chairperson