Question & AnswerQ&A (PRC BOARD OF ACCOUNTANCY Resolution NO. 89, S. 2002)
The main subject is the adoption of the Philippine Standards on Auditing (PSA) 400, which deals with Risk Assessments and Internal Control.
It was adopted on October 28, 2002.
Eugene T. Mateo was the chairman who signed the resolution.
The adoption ensures that risk assessments and internal controls are properly integrated into auditing practices, enhancing the quality and consistency of audits in the Philippines.
They serve as members of the Professional Regulatory Board of Accountancy, endorsing and authorizing the adoption of the auditing standards.
Carlos G. Almelor, the Secretary of the Professional Regulatory Board, attested the resolution.
PSA 400 focuses on risk assessment and the evaluation of internal control systems in auditing processes.
It covers the procedures and methodologies auditors follow to assess risks and internal controls to ensure audit reliability and compliance with professional standards.
The full text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.