Framework
PHILIPPINE FRAMEWORK
FOR ASSURANCE ENGAGEMENTS
Auditing Standards and Practices Council
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. This Framework does not itself establish standards or provide procedural
requirements for the performance of assurance engagements. ISAs, ISREs and
ISAEs and, therefore, their counterpart PSAs, PSREs, and PSAEs, contain basic
principles, essential procedures and related guidance, consistent with the concepts
in this Framework, for the performance of assurance engagements. The
relationship between the Framework and the ISAs, ISREs and ISAEs is illustrated
