Auditing Theory

Audit

A systematic process of objectively obtaining and evaluating evidence regarding assertions about the economic actions and events.

IAASB stands for?

Internal Auditing and Assurance Standards Board

What does AASC stand for?

Auditing and Assurance Standards Council

What is the purpose of AASC?

AASC acts as the Philippine standard-setting body for auditing and assurance.

What’s the purpose of IAASB?

The IAASB (International Auditing and Assurance Standards Board) exists to develop high-quality international standards for auditing, assurance, and related services.

What is Audit?

An audit is an independent examination of financial statements by an auditor (usually a CPA or a CPA firm) to obtain reasonable assurance that the financial statements are free from material misstatement and to express an opinion on them, in accordance with the applicable Philippine Standards on Auditing (PSAs).

PSA stands for?

Philippine Standard on Auditing

PSAE stands for?

Philippine Standards on Assurance Engagements

PSRE stands for?

Philippine Standard on Review Engagements

FSRSC stands for?

Financial and Sustainability Reporting Standard Council

ASPC stands for?

Auditing Standards and Practice Council