P.R. Laws tit. 3, § 8603
2019-02-20 00:00:00+00
The contracts shall clearly establish the objectives, scope and final product of the advisory services or of the non audit services and the responsibility of each of the parties in specific aspects. Among other things, management shall be responsible for:
(1) Designating the management level in charge of supervising the advisory services or non audit services contracted;
(2) supervising the performance of the services to ensure compliance with management’s expectations;
(3) making the decisions regarding the services contracted and accepting responsibility for said determinations;
(4) assessing the adequacy of the services performed and the results obtained.
History —Sept. 10, 2003, No. 273, § 3, eff. 30 days after Sept. 10, 2003.