Question & AnswerQ&A (PRC BOARD OF ACCOUNTANCY Resolution NO. 85, S. 2002)
It is the resolution adopting the Philippine Standards on Auditing (PSA) 710 - Comparative, issued on October 28, 2002.
The resolution was signed by Chairman Eugene T. Mateo and members Solita V. Delantar, John S. Bala, Froilan G. Ampil, and Estelita C. Aguirre.
The adoption standardizes the auditing practices related to comparative information in financial statements, ensuring auditor responsibilities in this area are clearly defined.
It was adopted on October 28, 2002.
PSA 710 deals with auditing comparative information in financial statements, covering the auditor’s responsibilities regarding previous period information.
Carlos G. Almelor, Secretary of the Professional Regulatory Board, attested the resolution.
The resolution was approved by the Professional Regulation Commission, represented by Chairperson Antonieta Fortuna-Ibe and Commissioners Alfonso G. Abad and Avelina De La Rea-Tan.
The text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
It refers to information from prior financial periods presented alongside current financial statements for comparison purposes.
The Board issues resolutions that establish and adopt professional standards such as the Philippine Standards on Auditing applicable to accountancy practitioners.