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Newly Approved Philippine Standards on Auditing

The Auditing Standards and Practices Council approved thirteen (13) new auditing Standards. These new standards are effective for audit of financial statements ending December 31, 2003.

PSA 930 Engagements to compile Financial Information
PSA 530 Audit Sampling and Other Selective Testing Procedures
PSA 540 Audit of Accounting Estimates
PSA 550 Related Parties
PSA 600 Using the work of Another Auditor
PSA 810 The Examination of Prospective Financial Information
PSA 580 Management Representations
PSA 1004 The Relationship between BSP and the External Auditors
PSA 260 Communication of Audit Matters with those charged with Governance
PSA 1009 Computer Assisted Audit Techniques
PSA 1010 The Consideration of Environmental Matters in the Audit of Financial tatements
PSA 1013 Electronic Commerce - The effect on the audit of Financial Statements
PSA 1006 Audits of Financial Statements of Banks

To date total of 46 PSAs have been approved for implementation for the audit of December 2003 financial statements. Only 7 exposure drafts are awaiting approval