QuestionsQuestions (PRC BOARD OF ACCOUNTANCY Resolution NO. 92)
It is entitled “Adoption of the Philippine Standards on Auditing (PSA) 620—Using the Work of an Expert.” It adopts PSA 620 in Philippine auditing standards for cases where auditors use the work of an expert.
It was adopted on 28 October 2002.
Philippine Standards on Auditing (PSA) 620—Using the Work of an Expert.
It generally refers to situations where an auditor uses information, conclusions, reports, or other work produced by an external or internal expert to obtain sufficient appropriate audit evidence.
The Chairman’s signature is shown as (SGD.) EUGENE T. MATEO.
The members shown are (SGD.) SOLITA V. DELANTAR, (SGD.) JOHN S. BALA, (SGD.) FROILAN G. AMPIL, and (SGD.) ESTELITA C. AGUIRRE.
It was attested by (SGD.) CARLOS G. ALMELOR, identified as Secretary, Professional Regulatory Board.
Approved by (SGD.) ANTONIETA FORTUNA-IBE as Chairperson, and Commissioners (SGD.) ALFONSO G. ABAD and (SGD.) AVELINA DE LA REA-TAN.
“Adopted” reflects the action by the PRC Board of Accountancy, while “Approved” indicates confirmation/approval by the PRC officials specified in the resolution, completing the issuance process.
The text cites “(NAR) VOL. 13 NOS. 1-4 / OCTOBER-DECEMBER 2002.” It indicates the resolution was published in the Official Gazette/compilation called the National Administrative Register (NAR) for that volume and quarter.
It directs researchers to the NAR office location where the full text can be verified or retrieved, supporting accuracy and citation in legal study.
It likely governs auditor responsibilities and procedures when audit evidence is based in whole or in part on the work of an expert.
Adoption makes the PSA an applicable framework/standard guiding auditors’ professional conduct and audit procedures, including how they evaluate and rely on expert work.
The correct answer is that it adopts PSA 620 as Philippine auditing standards, meaning auditors are expected to follow the standard’s requirements when using the work of an expert.
The resolution number (No. 92, s. 2002), the adoption date (28 October 2002), and the official signatories and administrative register citation details.