Philippine Auditing Standards

The Auditing and Assurance Standards Council (AASC) is the body authorized to establish and promulgate generally accepted auditing standards (GAAS) in the Philippines. At present, AASC pronouncements are mainly adopted from the standards and practice statements issued by the International Auditing and Assurance Standards Board (IAASB). Country-specific standards and practice statements are developed to address specific auditing issues not covered by the IAASB pronouncements.

The main objective of the AASC in adopting IAASB standards and practice statements is to attain uniformity of the local GAAS with the IAASB pronouncements. This harmonization is expected to enhance the reliability and acceptability of audited financial statements of Philippine companies. The AASC’s objectives, organization and working procedures are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.

The AASC replaced the Auditing Standards and Practices Council (ASPC). A brief history of ASPC is also available

AASC Pronouncements

The approach and working procedures used by the AASC in adopting AASC pronouncements, as well as the authority attaching to those pronouncements, are set out in the Preface to Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services.

Final AASC pronouncements, including those pending approval by the Board of Accountancy and the Professional Regulation Commission, are posted on the AASC website and may be downloaded free-of-charge.

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http://www.mediafire.com/download/hpcvputrrhshk2b/Philippine+Auditing+Standards+%28PAS%29+Copy.zip

Business Law and Taxation

What is BUSINESS TAX?

Many countries impose corporate tax or company tax on the income or capital of some types of legal entities. A similar tax may be imposed at state or lower levels. The taxes may also be referred to as income tax or capital tax. Entities treated as partnerships are generally not taxed at the entity level. Most countries tax all corporations doing business in the country on income from that country. Many countries tax all income of corporations organized in the country.

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http://www.mediafire.com/download/clyh4ejce6n3bax/Business+Law+and+Taxation+Reviewer.doc

AUDITING PROBLEMS

CPAs CAN LEARN HOW TO BETTER DETECT financial statement fraud by understanding the mistakes others made in cases where the SEC imposed sanctions on auditors for their association with fraudulently misstated financial statements. This article focuses on 45 SEC enforcement actions against auditors in the period 1987 to 1997.
THE MOST COMMON PROBLEM, IN 80% of the cases, was the auditor’s failure to gather sufficient audit evidence. Many of the cases involved inadequate evidence in areas such as asset valuation, asset ownership and management representations.

IN ALMOST HALF OF THE ENFORCEMENT ACTIONS, the SEC alleged the auditors failed to apply GAAP pronouncements or applied them incorrectly. One way firms can deal with this problem is to expand the coverage of technical accounting topics in firm-sponsored training.

AUDIT PROGRAM DESIGN WAS A PROBLEM CITED in 44% of the cases. Auditors failed to properly assess inherent risk and adjust the audit program accordingly. The best way for a firm to remedy such deficiencies is to promote more involvement by audit firm executives—partners and managers—in planning the engagement.

OTHER COMMON AUDIT PROBLEMS INCLUDE FAILURE to exercise due professional care and the appropriate level of professional skepticism, overreliance on inquiry as a form of audit evidence, deficiency in confirming accounts receivable, failure to recognize related party transactions and assuming internal controls exist when they may not.

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MAS

The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization.

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ADVANCED ACCTG 1

GUERRERO – PERALTA Solution Manuals. This is the solution manual for Guerrero Advance Accounting Book ed. 2008.

Volume One

CHAPTER 1: Partnership – Basic Considerations and Formation

CHAPTER 2: Partnership Operations

CHAPTER 3: Partnership Dissolution – Changes in Ownership

CHAPTER 4: Partnership Liquidation

CHAPTER 5: Partnership Liquidation by Installment

CHAPTER 6: Joint Venture

CHAPTER 7: Corporation in Financial Difficulty – Liquidation

CHAPTER 8: Reorganization and Troubled Debt Restructuring

CHAPTER 9: Installment Sales

CHAPTER 10: Long-Term Construction Contracts

CHAPTER 11: Franchise Accounting

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http://www.mediafire.com/download/qaaeu3vcmd7vw2a/Advanced+Accounting+Part+1+2008+e+-+SM+-+Baysa+and+Lupisan.zip

AUDITING THEORY

This subject tests the candidates’ conceptual knowledge and understanding of assurance and related
services performed by professional accountants. Candidates should know and understand the nature of assurance
and related services particularly independent audits of financial statements, the responsibilities of professional
accountants; the audit process; audit objectives, evidence, procedures, auditing standards, and the elements of the
independent auditors’ report. In all the areas included, the candidate shall apply the Philippine Standards on Auditing
(PSA) and other regulatory laws and regulations in effect at the time of examination.