Nov 132016
Come 2017, users and readers of the auditor’s report on 2016 financial statements should expect dramatic and ground-breaking changes. The Professional Regulatory Board of Accountancy in its Resolution No. 125, Series of 2016 has approved and adopted new auditor’s reporting standards, which were based on updated new international auditor reporting standards. These new standards will be effective for audits of financial statements for periods ending on or after Dec. 15, 2016, the same effective date as the new international standards. Accordingly, financial statements for the year ending Dec. 31, 2016, which will be filed with the Securities and Exchange Commission in 2017, will have to be based on these new standards.