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
Audit sampling is used to provide factual evidence and a reasonable basis to draw conclusions about a population from which a sample is selected. The internal auditor should design and select an audit sample, perform audit procedures, and evaluate sample results to obtain sufficient, reliable, relevant, and useful audit evidence to achieve the engagement's objectives.
Sufficient, in that the information is factual, adequate, and convincing so that a prudent, informed person would reach the same conclusions as the auditor. Reliable, in that the information is the best attainable information through the use of appropriate engagement techniques. Relevant, in that the information supports engagement observations and recommendations and is consistent with the objectives for the engagement. Useful, in that the information helps provide assurance that the organization will meet its goals.
The primary focus of this course is to provide you with an introduction to data sampling.
Distinguish the various means of selecting items for audit testing.
Understand risk-related terms associated with audit sampling.
Relate audit sampling to the audit phases.
Define the various sampling methods.
Select an appropriate sampling method based on the audit objective and the nature of the desired conclusions
Paul Ryan Balon
Chief Audit Executive at Makati Development Corporation