The Institute of internal Auditors Philippines, Inc.
The Institute of Internal Auditors (IIA) Philippines is a professional organization dedicated to the advancement of the internal audit profession in the country. Our members, who work in internal auditing, risk management, governance, internal control, information technology audit, education and security, came from various industry or sectors in the Philippines and belong to a global network of almost 200,000+ professionals from more than 170 countries and territories sharing a common vision of a global profession of internal auditing.
The Institute of Internal Auditors Philippines Inc. (IIAP) was registered with SEC in 1982 and formerly known as The Institute of Internal Auditors, Inc. – Manila Chapter. It was founded on August 14, 1948 by Mr. Santiago F. Dela Cruz Sr. along with a small group of accountants actively engaged in the profession. Mr. Dela Cruz, who is considered to be the moving spirit of the association, is the same man who, two years earlier than IIAP, co-established the Philippine College of Commerce and Business Administration (PCCBA) which we now know as the University of the East.
The IIAP despite some struggles during its formative years was able to attain full-fledged stature as a professional association upon earning its “Institute” status from The Institute of Internal Auditors (IIA Global) in 1990. At the time, IIAP is 1 of the 6 (six) chapters in the Pacific Region (others were in Bombay, Tokyo, Sydney, Melbourne and Ceylon). On its 75th Anniversary Celebration and Global Business Meeting last 16-17 July 2016 at New York Hilton Midtown, the IIAP was acknowledged as the 3rd Chapter organized by the IIA Global since the latter’s founding in 1941 still then headquartered in New York City, USA
Business acumen is deemed one of the most sought after skills for internal auditors by both CAEs and top management. It is generally defined as the quickness in understanding and dealing with business situations in a way that would lead to achieving business goals.
Core business acumen skills include, in general:
Clear grasp of the business' mission, vision and values
Business strategy development and implementation
Vivid understanding of the financial condition and performance of the business
Marketing and distribution concepts and application
Deep comprehension of the business' operations & supply chain
In this course, internal auditors are expected to have a deep understanding of the principles behind the relevance of being attuned to the business to help internal auditors create added value to its stakeholders.
Defining business acumen and how to obtain/ develop it