The Auditing and Assurance Standards Council (AASC) was created in December 2005, under the Philippine Accountancy Act of 2004, by the Professional Regulation Commission upon the recommendation of the Board of Accountancy (BOA). The AASC is tasked to assist the BOA to establish and promulgate auditing standards in the Philippines.
The standards issued by the AASC are in the form of the following:
- Philippine Standards on Auditing (PSAs) are to be applied, as appropriate, in the audit of historical financial information.
- Philippine Standards on Review Engagements (PSREs) are to be applied in the review of historical financial information.
- Philippine Standards on Assurance Engagements (PSAEs) are to be applied in assurance engagements dealing with subject matters other than historical information.
- Philippine Standards on Related Services (PSRSs) are to be applied to compilation engagements, engagements to apply agreed upon procedures to information and other related services engagements as specified by the AASC.
- Philippine Standards on Quality Control (PSQCs) are to be applied for all services falling under the AASC engagement standards.
- Philippine Auditing Practice Statements (PAPSs) provide interpretative guidance and practical assistance to professional accountants in implementing PSAs and to promote good practice.
Philippine Review Engagement Practice Statements (PREPSs), Philippine Assurance Engagement Practice Statements (PAEPSs), and Philippine Related Services Practice Statements (PRSPSs) are issued to serve the same purpose for implementation of PSREs, PSAEs and PSRSs, respectively.
The objectives, approach and working procedures in adopting AASC pronouncements are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.
The AASC replaced the Auditing Standards and Practices Council (ASPC). A brief history of ASPC is also available in the AASC website.