SEC Memorandum Circular No. 1 (2005)

(NAR) VOL. 16 NO. 1 / JANUARY - MARCH 2005

[ SEC MEMORANDUM CIRCULAR NO. 1, S. 2005, January 21, 2005 ]

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 No. Title 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 The Special Consideration in the Audit of Small 1005 * 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 MisstatementThe Auditor's Procedures in Response to Assessed 330 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. Adopted: 21 Jan. 2005

(SGD.) FE B. BARIN Chairperson * Effective June 30, 2004 ** Effective March 31, 2005