Philippine Auditing Practice Statements (PAPSs)

The AASC issues Philippine Auditing Practice Statements (PAPSs) that provide interpretative guidance and practical assistance to professional accountants in implementing PSAs and to promote good practice.  Philippine Review Engagement Practice Statements (PREPSs), Philippine Assurance Engagement Practice Statements (PAEPSs), and Philippine Related Services Practice Statements (PRSPSs) are issued to serve the same purpose for implementation of PSREs, PSAEs and PSRSs, respectively.

  • PAPS 1000 – Inter-Bank Confirmation Procedures
  • PAPS 1002Ph (Revised) – The Auditor’s Report on General Purpose Financial Statements Prepared in Accordance with a Philippine Financial Reporting Framework Other than PFRS (March 12, 2010)
  • PAPS 1003Ph – Guidance in Dealing with Reports Required by the SEC Relating to Increase in Capital Stock of a Corporation
  • PAPS 1000Ph – Audit Evidence – Practical Problems in Audit of Financial Statements
  • PAPS 1004 – The Relationship Between Bangko Sentral ng Pilipinas (BSP) and Banks’ External Auditors
  • PAPS 1005 (Rev.) – The Special Consideration in the Audit of Small Entities
  • PAPS 1006 – Audits of the Financial Statements of Banks
  • PAPS 1010 – The Consideration of Environmental Matters in the Audit of Financial Statements
  • PAPS 1012 – Auditing Derivative Financial Instruments
  • PAPS 1013 – Electronic Commerce – Effect on the Audit of Financial Statements
  • PAPS 1014 – Reporting by Auditors on Compliance with International Financial Reporting Standards


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