Auditing and Assurance Standards Council

adopted from the standards and practice statements issued by the International Auditing and Assurance Standards Board (IAASB). Country-specific standards and practice statements are developed to address specific auditing issues not covered by the IAASB pronouncements. The main objective of the AASC in adopting IAASB standards and practice statements is to attain uniformity of the local GAAS with the IAASB pronouncements. This harmonization is expected to enhance the reliability and acceptability of audited financial statements of Philippine companies. The AASC’s objectives, organization, and working procedures are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance, and Related Services.