JK&C LIBRARYSEC Memorandum Circular No. 10, s. 2003

REPUBLIC OF THE PtllUPPINES

SECURITIES AND EXCHANGE COMMISSION

SEC Building, EDSA, Greenhills

City ofMandaluyong, Metro Manila

 

SEC MEMORANDUM CIRCULAR NO. 10

Series of 2003

 

SUBJECT: ADOPTION OF THE PHILIPPINE STANDARDS ON AUDITING

 

                     The Commission, in its Resolution No. 213 Series of 2003 dated June 12, 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).

 

                      Seven of these new auditing standards will become effective for audits of financial statements ending on or after June 30, 2003 and the other seven for audits of financial statements ending on or after December 31, 2003.

 

   PSAs No. Title

 

   Effective June 30, 2003

 

400	Risk Assessments and Internal Control
401	Auditing in a Computer Information Systems Environment
320	Audit Materiality
620	Using the Work of an Expert
250	Consideration of Laws and Regulations in an Audit of Financial Statements
1001	CIS Environment - Stand-Alone Personal Computers
1002	CIS Environment - On-Line Computer Systems

 

Effective December 31, 2003

 

520	Analytical Procedures
610	Considering the Work of Internal Auditing
1003	CIS Environment - Database Systems
920	Engagement on Agreed-Upon Procedures
910	Engagements to Review Financial Statements
1000	Inter-Bank Confirmation Procedures
500	Audit Evidence

 

                          This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation.

 

                      Issued this 12 day of June 2003 at EDSA, Greenhills, Mandaluyong City.

 

LILIA R. BAUTISTA

Chairperson