Question & AnswerQ&A (PRC BOARD OF ACCOUNTANCY Resolution NO. 91, 2002)
It officially adopts the Philippine Standards on Auditing (PSA) 320, which pertains to audit materiality, thereby providing guidelines on materiality in the conduct of audits in the Philippines.
It was adopted on October 28, 2002.
The adoption was approved by Antonieta Fortuna-Ibe (Chairperson), Alfonso G. Abad (Commissioner), and Avelina De La Rea-Tan (Commissioner).
PSA 320 focuses on 'Audit Materiality,' guiding auditors on determining materiality levels and their impact on the audit process.
Eugene T. Mateo was the Chairman at the time of adoption.
The Board sets and adopts auditing standards such as the Philippine Standards on Auditing, ensuring compliance with auditing principles and improving the quality of audits in the Philippines.
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.
Members involved were Solita V. Delantar, John S. Bala, Froilan G. Ampil, and Estelita C. Aguirre.