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
Internal controls are necessary to effectively and efficiently carry out an organization's goals and objectives at all levels.
Designing and implementing an effective system of internal control can be challenging. Adaptability to rapidly changing business models, new technologies and globalization requires a system to be agile. An internal control system requires the use of judgment to monitor and assess its effectiveness and it must provide insight on the application of controls.
The primary focus of this course focus of this course is to provide you with an overview of internal controls. Learning Objective(s):
Identify the objectives, components, and principles of an effective internal control framework.
Identify the roles and responsibilities each group in an organization has regarding internal controls.
Identify the different types of controls and the appropriate application for each of them.
Through team exercises, group discussions, case studies and lectures, attendees will gain a foundation of knowledge that will allow Internal Auditors to define, identify, design and evaluate internal controls. A basic understanding of the roles of risks and internal controls will also be stressed, along with interpersonal and team-building skills.
What You Will Learn
I. Definition of Internal Controls
Regulatory pressure towards reviewing the effectiveness of internal controls
Primary objectives of internal controls
Traditional definition of internal controls
Internal control myths and realities
Internal controls definition (based on COSO Framework)
II. The Committee of Sponsoring Organization (COSO) of the Treadway Commission Framework
Definition and its key concepts
The five components of internal controls
Limitation of internal controls
Roles and Responsibilities
Case Studies about Internal Controls
III. Identifying Internal Controls
Techniques to identify internal controls
Control classifications (preventive, detective, directive and mitigating controls)
Control activity types (manual, automated, specific, pervasive and monitoring)
Concepts of key controls vs. other controls
Concept of CAVR (Completeness, Accuracy, Validity and Restricted Access)
Case Studies about Identifying effective controls
IV. Designing Internal Controls
International Professional Practices Framework (IPPF) standards about Internal Auditor responsibility on designing internal controls
Identify well defined control objectives
Identify risk to accomplishing objectives, given a situation.
Determine the significance and likelihood of a risk.
Identify possible ways to manage risk.
V. Evaluating Internal Controls
Adequacy vs. Effectiveness
o internal control questionnaires
o risk and control matrix
VI. Case Studies
VII. Seminar Conclusion
Plan for Action
ASPAC Privacy Compliance Head and Data Protection Officer at Johnson & Johnson