PRC Board of Accountancy Resolution No. 12 (2004)

(NAR) VOL. 15 NOS. 3-4 / JULY / SEPTEMBER

[ PRC BOARD OF ACCOUNTANCY RESOLUTION NO. 12, SERIES 2004, February 09, 2004 ]

ADOPTION OF THE PHILIPPINE AUDITING PRACTICE STATEMENT (PAPS) 1008 - RISK ASSESSMENTS AND INTERNAL CONTROL - CIS CHARACTERISTICS AND CONSIDERATIONS

WHEREAS, the Auditing standards and Practices Council (ASPC) had approved the Philippine Auditing Practice Statement (PAPS) 1008 - RISK ASSESSMENTS AND INTERNAL CONTROL - CIS CHARACTERISTICS AND CONSIDERATIONS" and submitted to the Board for approval;

WHEREAS, after a study and review of the provisions of the said document entitled "RISK ASSESSMENTS AND INTERNAL CONTROL - CIS CHARACTERISTICS AND CONSIDERATIONS" (PAPS 1008) as adopted by the ASPC, the Board finds the same to be well-taken and instructive for compliance by practicing Certified Public Accountants; WHEREFORE, the Board resolved as it hereby resolved to adopt the document entitled "RISK ASSESSMENTS AND INTERNAL CONTROL - CIS CHARACTERISTICS AND CONSIDERATION" (PAPS - 1008) as part of the Philippine Standards of Auditing; RESOLVED FURTHER, that this Resolution and the document entitled "RISK ASSESSMENTS AND INTERNAL CONTROL - CIS CHARACTERISTICS AND CONSIDERATION" (PAPS 1008) shall take effect after fifteen (15) days following their publication in the Official Gazette or in a newspaper of general circulation in the Philippines, whichever is earlier. Adopted: 09 February 2004

(SGD.) EUGENE T. MATEO Chairman

(SGD.) MA. VIOLETA V. VICENTE Vice-Chairman

(SGD.) JOHN S. BALA (SGD.) SOLITA V. DELANTAR Member Member

(SGD.) FROILAN G. AMPIL (SGD.) ESTELITA C. AGUIRRE Member MemberATTESTED: CARLOS G. ALMELOR Secretary, Professional Regulatory Boards

APPROVED:

(SGD.) ANTONIETA FORTUNA-IBE Chairperson

(SGD.) AVELINA DELA REA-TAN (SGD.) LEONOR TRIPON-ROSERO Commissioner Commissioner