Required compliance with PSA 402
- The Resolution adopts PSA 402 to govern audit considerations for clients/entities that use service organizations.
- Auditors performing audits in covered circumstances must observe the audit considerations required by PSA 402 as adopted by PRC Board of Accountancy Resolution No. 82, s. 2002.
- The Resolution establishes PSA 402 as the applicable Philippine auditing standard for audit considerations involving service organizations.
Signatories and official action
- The Resolution is affirmed through the signatures of Board members including SOLITA V. DELANTAR, JOHN S. BALA, FROILAN G. AMPIL, and ESTELITA C. AGUIRRE.
- The Resolution is attested by CARLOS G. ALMELOR as Secretary, Professional Regulatory Board.
- The Resolution is approved by ANTONIETA FORTUNA-IBE as Chairperson, with approval from ALFONSO G. ABAD and AVELINA DE LA REA-TAN as Commissioners.
Publication and administrative register
- The Resolution is part of the administrative issuance published in the NAR (Official Gazette of the National Administrative Register) record for Vol. 13 Nos. 1-4 / October–December 2002.
- The Resolution is traceable through availability at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
- The administrative-register listing reflects October 28, 2002 adoption for enforceability as an adopted auditing standard.
Effect on auditing standards
- The adoption of PSA 402 makes the standard controlling for audits that require audit considerations relating to entities using service organizations.
- The Resolution aligns Philippine audit practice with the requirements embodied in PSA 402 for service-organization-related audit considerations.
Repeal, separability, and transitory rules
- The Resolution contains no stated separability, sunset, or transitory clause in the text of the adoption action.
- No repealing clause appears in the text of the adoption action.