Republic Act No. 10360

: The main purpose is the adoption of the Philippine Standards on Auditing (PSA) 250, which focuses on the consideration of laws and regulations in an audit of financial statements.
: It was adopted on October 28, 2002.
: Eugene T. Mateo is the chairman mentioned in the resolution.
: PSA 250 relates to the auditor's consideration of laws and regulations that may affect the audit of financial statements.
: The Professional Regulatory Board of Accountancy under the Professional Regulation Commission (PRC) oversaw the adoption.
: Auditors must consider relevant laws and regulations when auditing financial statements to ensure compliance and proper reporting of any breaches.
: Yes, the text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
: Carlos G. Almelor, Secretary of the Professional Regulatory Board, attested the resolution.
: Because compliance with legal and regulatory requirements affects the financial position and operations of the entity, and auditors must identify any material non-compliance that could affect the financial statements.
: The adoption establishes a professional framework ensuring that audits comply with legal requirements, enhancing the reliability and credibility of financial statements for users.