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.