JK&C LIBRARYSEC Memorandum Circular No. 1, s. 2005
Overview
SEC Memorandum Circular No. 1, Series of 2005, dated January 21, 2005, adopts specified Philippine Standards on Auditing (PSAs) and Philippine Auditing Practice Statements (PAPS) approved by the Auditing Standards and Practices Council. The adoption was approved by the Commission through Resolution No. 11, Series of 2005, dated January 6, 2005.
The circular provides that, unless otherwise indicated, the adopted auditing standards apply to audits of financial statements ending on or after December 31, 2004. The standards cover areas including assurance engagements, fraud and error, external confirmations, fair value measurements and disclosures, use of another auditor’s work, small business audits, risk assessments and internal control, computer-assisted audit techniques, environmental matters, derivative financial instruments, audit evidence, and assessed risks.
The circular also states that copies of the adopted standards are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA). It provides that the Memorandum Circular takes effect fifteen (15) days after publication in two newspapers of general circulation.
Full Text
Overview
SEC Memorandum Circular No. 1, Series of 2005, dated January 21, 2005, adopts specified Philippine Standards on Auditing (PSAs) and Philippine Auditing Practice Statements (PAPS) approved by the Auditing Standards and Practices Council. The adoption was approved by the Commission through Resolution No. 11, Series of 2005, dated January 6, 2005. The circular provides that, unless otherwise indicated, the adopted auditing standards apply to audits of financial statements ending on or after December 31, 2004. The standards cover areas including assurance engagements, fraud and error, external confirmations, fair value measurements and disclosures, use of another auditor's work, small business audits, risk assessments and internal control, computer-assisted audit techniques, environmental matters, derivative financial instruments, audit evidence, and assessed risks. The circular also states that copies of the adopted standards are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA). It provides that the Memorandum Circular takes effect fifteen (15) days after publication in two newspapers of general circulation.
Short Title / Subject
Adoption of the Philippine Standards on Auditing and Philippine Auditing Practice Statements
Full Text
Republic of the Philippines
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills
Mandaluyong City
SEC MEMORANDUM CIRCULAR NO. 1
Series of 2005
SUBJECT: ADOPTION OF THE PHILIPPINE STANDARDS ON AUDITING AND PHILIPPINE AUDITING PRACTICE STATEMENTS
The Commission, in its Resolution No. 11 Series of 2005 dated January 6, 2005 approved the adoption in its rules and regulations of the following Philippine Standards on Auditing (PSA) and Philippine Auditing Practice Statements (PAPS) approved by the Auditing Standards and Practices Council. Unless otherwise indicated, these new auditing standards will become effective for audits of financial statements ending on or after December 31, 2004.
PSAs/PAPSs Title
No.
100 Assurance Engagements
240(revised) The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements*
505 External Confirmations
545 Auditing Fair Value Measurements and Disclosures*
600 Using the Work of Another Auditor
1005 The Special Consideration in the Audit of Small Business*
1008 Risk Assessments and Internal Control — CIS Characteristics and Considerations*
1009 Computer-Assisted Audit Techniques
1010 The Consideration of Environmental Matters in the Audit of Financial Statements
1012 Auditing Derivative Financial Instruments
1000PH Audit Evidence - Practical Problems in Audits of Financial Statements**
315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement
330 The Auditor's Procedures in Response to Assessed Risks
500(Revised) Audit Evidence
Copies thereof are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA).
This Memorandum Circular shall take effect fifteen (15) days following its publication in two (2) newspapers of general circulation.
Issued this 21st day of January 2005 at EDSA, Greenhills, Mandaluyong City.
FE B. BARIN
Chairperson
*Effective June 30, 2004
**Effective March 31 , 2005
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2005/sec-memorandum-circular-no-01-8/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 1, s. 2005, SEC Memorandum Circular No. 1, s. 2005, 2005-01-27
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 1, s. 2005, SEC Memorandum Circular No. 1, s. 2005, 2005-01-27