SUBJECT: Auditing and Assurance: Specialized Industries

Assessments 6:

1. State the nature and background of the specialized industry.

2. What are the relevant statistics, and updates of the specialized industry in the Philippine setting?

3. Identify the different audit and accounting considerations and trends for the industry.

4. Look for at least one audited financial statements of companies under each specialized industry (Power, Water, and Telecommunications) in the Philippines and list down your observations from audit report to the financial statements.

MODULE 6 Auditing Power, Water, and Telecommunications Industry Overview: To define briefly, the power industry covers the generation, transmission, distribution and sale of power to the general public and industry. Meanwhile, the water industry provides drinking water and wastewater services (including sewage treatment) to residential, commercial, and industrial sectors of the economy. Typically, public utilities operate water supply networks. Lastly, the telecommunication sector is made up of companies that make communication possible on a global scale, whether it is through the phone or the Internet, through airwaves or cables, through wires or wirelessly. I {2} Utilities and telecommunications are essential services that play a vital role in economic and social development. Quality utilities are a prerequisite for effective poverty eradication. Governments are ultimately responsible for ensuring reliable universal access of service under accountable regulatory frameworks. Increased competition in the utilities sectors in recent years has entailed changes in regulatory frameworks and ownership structures of enterprises, in addition to business diversification