P&A Grant Thornton Managing Partner and Chief Operating Officer (COO) Jun Cuaresma has been appointed by the Professional Regulatory Board of Accountancy (BoA) as the chair of the Auditing and Assurance Standards Council (AASC) starting July 1. The term of appointment for the AASC chairman is three years, renewable for another term.

The AASC is the body authorized by the BoA to establish and promulgate generally accepted auditing standards in the Philippines. Its main objective in adopting International Auditing and Assurance Standards Board (IAASB) standards and practice statements is to attain the uniformity of local generally accepted auditing standards with IAASB pronouncements. This harmonization enhances the reliability and acceptability of the audited financial statements of Philippine companies.

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