Auditing and Assurance Standards Council

Philippine Auditing Practice Statement 1001Ph

GUIDANCE IN DEALING WITH “TENTATIVE FINANCIAL STATEMENTS”

PHILIPPINE AUDITING PRACTICE STATEMENT 1001Ph GUIDANCE IN DEALING WITH “TENTATIVE FINANCIAL STATEMENTS”
CONTENTS

Paragraphs Introduction…………………………………………………………………. BIR Requirements for Filing of Audited Financial Statements…………….. Incomplete or Unaudited Financial Statements……………………………. Responsibility over Financial Statements………………………………….. Handling of Incomplete or Unaudited Financial Statements………………. Other Considerations……………………………………………………….. Effective Date………………………………………………………………. 1-3 4-5 6-8 9-11 12-18 19 20

Philippine Auditing Practice Statements (PAPS or Statements) are issued by the Auditing Standards and Assurance Council (AASC) to provide practical assistance to auditors in implementing the Philippine Standards on Auditing (PSAs) or to promote good practice. Statements do not have the authority of PSAs. This Statement does not establish any new basic principles or essential procedures; its purpose is to assist auditors, and to develop good practice, by providing guidance on the application of the PSAs when conducting an audit of financial statements. The auditor exercises professional judgment to determine the extent to which any of the audit procedures described in this Statement may be appropriate in the light of the requirements of the PSAs and the entity’s particular circumstances.

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PAPS 1001Ph

The Public Sector Perspective (PSP) is set out at the end of PAPS. Where no PSP is added, the PAPS is applicable in all material respects to the public sector.

This particular PAPS issued by the Auditing and Assurance Standards Council is not based on a specific International Auditing Practice Statements (IAPS) issued by the International Auditing and Assurance Standards Board of the