International Finance and Accounting Handbook

15 • 22

Country

Required to Be Audited

Election of Auditor

Objective or Purpose of Audit

Sources of Auditing Standards

Asia and Pacific (Continued)Philippines

Financial statements of sole

In corporations, elected by

Express an independent

GAAS and additional

proprietorships, partnerships

the Board of Directors or the

opinion on the fairness or

standards promulgated by the

and corporations with a mini-

shareholders; in unincorpo-

propriety of the financial

Auditing Standards and

mum quarterly gross sales of

rated entities, selected by the

statements.

Practices Council as

P150,000

general or the sole proprietor

approved by the Board ofAccountancy and theProfessional RegulationCommission.

Singapore

All incorporated companies,

Appointed by the sharehold-

To determine whether

Statements of Auditing

both public and private.

ers at the annual meeting

accounts give a true and fair

Guidelines and Practices of

view of the company’s affairs

the Institute of Certified

in accordance with provi-

Public Accounts of

sions of the Companies Act.

Singapore. Closely followinternational standards.