Framework

Auditing Standards and Practices Council

PHILIPPINE FRAMEWORK
FOR ASSURANCE ENGAGEMENTS

Framework

PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS

CONTENTS

Paragraph

Introduction

1-6

Definition and Objective of an Assurance Engagement

7-11

Scope of the Framework

12-16

Engagement Acceptance

17-19

Elements of an Assurance Engagement

20-60

Inappropriate Use of the Practitioner’s Name

61

Effective Date

62

Acknowledgment

63-64

Appendix:

Differences Between Reasonable Assurance
Engagements and Limited Assurance Engagements

Framework
FRAMEWORK
PHILIPPINE FRAMEWORK FOR ASSURANCE ENGAGEMENTS
Introduction
1.

This Framework defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which Philippine Standards on Auditing (PSAs), Philippine Standards on Review Engagements (PSREs) and
Philippine Standards on Assurance Engagements (PSAEs) apply. It provides a frame of reference for:
(a) Professional accountants in public practice (“practitioners”) when performing assurance engagements. Professional accountants in the public sector refer to the Public Sector Perspective at the end of the Framework. Professional accountants who are neither in public practice nor in the public sector are encouraged to consider the Framework when performing assurance engagements;1 (b) Others involved with assurance engagements, including the intended users of an assurance report and the responsible party; and
(c) The International Auditing and Assurance Standards Board (IAASB) in its development of ISAs, ISREs and ISAEs and, consequently, the Auditing
Standards and Practices Council (ASPC) in its adoption of said standards for application in the Philippines.

2.

1

This Framework does not itself establish standards or provide procedural