Revised Phil. Standards on Auditing, Review Engagements, Assurance Engagements, Quality Control, and Phil. Auditing Practice Statement

October 30, 2006 SEC MEMORANDUM CIRCULAR NO. 12-06 ADOPTION OF NEW AND REVISED PHILIPPINE STANDARDS ON AUDITING, REVIEW ENGAGEMENTS, ASSURANCE ENGAGEMENTS, QUALITY CONTROL, AND PHILIPPINE AUDITING PRACTICE STATEMENTS The Commission, in its Resolution No. 458, Series of 2006 dated October 19, 2006 approved the adoption in its rules and regulations of the following new and revised Philippine Standards on Auditing, Review Engagements, Assurance Engagements, Quality Control, and Philippine Auditing Practice Statements, approved by the Auditing and Assurance Standards Council, Board of Accountancy and the Professional Regulation Commission: No. Title Effective Date Philippine Standards for Auditing (PSA) PSA 220 Quality control for Audits of Audits of financial (Revised) Historical Financial information for periods Information beginning on or after June 15, 2006 PSA 230 Audit Documentation Audits of financial (Revised) information for periods beginning on or after June 15, 2006 PSA 240 The Auditor's Responsibility to Audits of financial (Revised) Consider Fraud in an Audit of statements for periods Financial Statements beginning on or after June 15, 2006 PSA 700 The Independent Auditor's Report on Reports dated on or after (Revised) a Complete Set of General Purpose December 31, 2006 Financial Statements (including conforming amendments to PSA 200, PSA 210, PSA 560, PSA 701 and PSA 800) Philippine Standards on Review Engagements (PSRE) PSRE 2410 Review of Interim Financial Reviews of financial Information Performed by the information for periods Independent Auditor of the Entity beginning on or after June 15, 2006 Philippine Standards on Assurance Engagements (PSAE) PSAE 3000 Assurance Engagements Other than Reports dated on or after (Revised) Audits or Reviews of Historical January 1, 2005 Financial Information Philippine Standards on Quality Control (PSQC) PSQC 1 Quality Control for Firms That Quality control system Perform Audits and Reviews of should be established by Historical Financial Information, and June 15, 2006 Other Assurance and Related Services Engagements Philippine Auditing Practice Statements (PAPS) PAPS 1014 Reporting by Auditors on Compliance Reports dated on or after with International Financial Reporting June 15, 2006 Standards Copies of the above new and revised standards are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA). DCcHIS This Memorandum shall take effect fifteen (15) days following its publication in two (2) newspapers of general circulation. Issued this 30th day of October 2006 at EDSA, Greenhills, Mandaluyong City. (SGD.) FE B. BARIN Chairperson