True or False

1. PSAs, PSREs, PSAEs, PSRSs, and PSQC are collectively known as an engagement standards.

2. Exposure drafts issued by the AASC, and not coming from the IAASB, still need to be exposed for comments within 90 days.

3. The AASC may extend the exposure draft to more than 90 days if approved by the majority of the council members.

4. The issuance of exposure drafts requires an approval of at least ten members.

5. All final Philippine Standards and Practice Statement including interpretations shall be submitted to the Board of Accountancy for approval.

6. Engagement standards are under the scope of the Framework of Assurance Engagements.

7. Philippine Standards on Auditing and its practice statements are collectively called auditing standards.

8. All existing issuance from the IAASB will be reviewed by all members of the council before exposure drafts will be facilitated.

9. After approval of the Philippine Standards and Practice Statements, the pronouncements becomes effective 15 days after the publication of the office gazette.

10. There will be differences between the IAASB international pronouncements and the AASC Philippine pronouncement. AASC is mandated to make exposure drafts for the differences for resolution.