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(NAR) VOL. II NO. 3 / JULY - SEPTEMBER 1991

[ PRC BOARD RESOLUTION NO. 09, July 15, 1991 ]



WHEREAS, the Auditing Standards and Practices Council submitted to the Board on May 18, 1991, Statement of Auditing Standards of the Philippines:

  No. 11
- “Procedures to be Followed in the Review of Client’s Income, Withholding and Value Added Tax Returns”
   
  No. 12
- “Fraud and Error”

WHEREAS after a thorough and critical review of the standards promulgated under statements of Auditing Standards of the Philippines No. 11 and 12, the Board is of the opinion that they are comprehensive, relevant and adequate for principles of auditing.

WHEREFORE, Be it Resolved, as it hereby resolves, to adopt the following statements of Auditing Standards of the Philippines:

  No. 11
- “Procedures to be Followed in the Review of Client’s Income, Withholding and Value Added Tax Returns”
   
  No. 12
- “Fraud and Error” ommends the approval by the Commission as part of the Rules and Regulations of the Board of Accountancy.

RESOLVED, Further, that the auditing standards shall take effect after approval of this resolution by the Commission and after fifteen (15) days following its publication in the Official Gazette.

Adopted: 15 July 1991

(SGD.) EDUARDO B. DE GUIA
Chairman

(SGD.) LUPO S. RAMOS
Vice-Chairman
(SGD.) PURIFICACION A. UNTALAN
Member

(SGD.) JESUS A. CASINO
Member
(SGD.) ALEJANDRO C. REYES
Member

(SGD.) ROSALINDA D. EVANGELISTA
Member
(SGD.) VICENTE B. SABARRE
Member

Approved:

(SGD.) JULIO B. FRANCIA, JR.
Commissioner

(SGD.) MARIANO A. MENDIETA
Associate Commissioner
(SGD.) HERMOGENES P. POBRE
Associate Commissioner
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