Adoption of PSA 620 Using the Work of an Expert

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PRC BOARD OF ACCOUNTANCY NO. 92: Adoption of PSA 620 Using the Work of an Expert

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Title Supreme Court: Adoption of PSA 620 Using the Work of an Expert

Law: Prc Board Of Accountancy No. 92

Decision Date: Oct 28, 2002

The PRC Board of Accountancy, led by Chairman Eugene T. Mateo, adopted Philippine Standards on Auditing (PSA) 620, which outlines the use of an expert's work in auditing practices, on October 28, 2002.

Covered auditing standard: PSA 620

PSA 620—Using the Work of an Expert governs how an auditor uses the work of an expert in an audit.
The resolution adopts PSA 620 as the applicable auditing standard for audits where an expert’s work is used.
The resolution recognizes PSA 620 as part of the Philippine Standards on Auditing framework for professional practice.

Adoption and effect within accountancy practice

The resolution establishes that compliance with PSA 620 is required when the auditor uses the work of an expert in the course of an audit.
The resolution makes PSA 620 enforceable as an auditing standard within the accountancy regulatory environment administered by the PRC Board of Accountancy.

Signatories and formal approvals

The resolution is signed by the Chairman of the PRC Board of Accountancy and by its Members.
The resolution is attested by the Secretary, Professional Regulatory Board.
The resolution is approved by the Chairperson and Commissioners of the PRC.

Publication and registry reference

The resolution is identified in the NAR (National Administrative Register) under Vol. 13 Nos. 1-4 / October–December 2002.
The resolution provides a registry reference through the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.

END