SMALL and medium enterprises (SMEs) account for more than 90 percent of businesses globally. About 60 to 70 percent of jobs globally are from the SMEs and represent the majority of audits around the world.

Currently, the audits of financial statements in most of the jurisdictions across the world, whether for large, medium or small entities are governed by the International Standards on Auditing (ISA). ISA are professional standards for the performance of financial audits of financial information. These standards are issued by the International Federation of Accountants through the International Auditing and Assurance Standards Board (IAASB). The Philippines has also adopted the use of ISA and renamed it to Philippine Standards on Auditing.

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