Internal Audit Engagement Process & Audit Rating System

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

Event Details

OVERVIEW

The Internal Audit Activity has been given a directive to implement an audit rating system (ARS) that can be linked to the performance valuation of the audited business unit and its individual team members. The Internal Audit Management Team, fully cognizant of the challenges in implementing this directive, have identified the need to develop a structured audit engagement process and an enhanced ARS tool.

This course aims to provide knowledge of, deeper understanding of, and insights on developing the appropriate engagement process and ARS. The inputs shall guide the Internal Audit Team in determining and developing the most appropriate engagement process and ARS to be adopted and implemented. The scope of this IIAP engagement shall cover:

Classroom training on the IPPF Guidance and available information on current practices relating to: (a) Annual Audit Planning, (b) Audit Engagement end-to-end process, and (c) Audit Rating System

Facilitated workshop simulating the application of the annual audit planning and audit engagement process decided for adoption in an actual live audit engagement.

Excluded from the engagement are activities which are the responsibility of the Internal Audit Team, such as the actual conduct and management/supervision/review of the live case audit engagement, decision making, obtaining approval and buy-in of Stakeholders, and implementing the linkage of ARS to the performance management system.

COURSE OUTLINE

Introduction

Learning Objectives, Course Overview, House Rules & Working Agreements

Unit 1: Refresher on Risk-Based Auditing Concepts

IPPF Basis, Risk Management Concepts
Our Organization's Risk Management Framework
Baseline Self-assessment Readiness for RBIA

Unit 2: Risk-Based Audit Planning

Internal Audit Strategic Planning

o Workshop – Developing the Internal Audit Strategic Plan

Developing a Risk-Based Annual

o Audit Universe, Prioritization & Scoping, Annual Audit Plan Documentation

o Live Case Workshop – Developing the Annual Audit Plan for 2023

Unit 3: Risk-Based Audit Engagement Process

Engagement Process Overview

o Risk & COSO Based Engagement

Engagement Planning Process

o Understanding the Business & Linking to Business Objectives & Risks

o Risk & Controls Identification and Assessment – ORCA Matrix

o Identifying and obtaining agreement on Audit Criteria and Rating Factors

o Developing the Audit Program – Objectives, Scope, Audit Procedures, Sampling

IPPF Guidance on Engagement Planning Process
Live Case Workshop – Engagement Planning

Unit 4: Conducting the Engagement

Onsite Opening Conference
Audit Evidence
Working Paper Documentation
Communication Protocols During Fieldwork
IPPF Guidance on Conducting the Engagement
Live Case Workshop – Conducting the Engagement

Unit 5: Communicating Engagement Results

Issue Identification, Evaluation, and Audit Rating
Communicating Audit Issues & Results with Audit Clients
verall Opinions, Conclusions, and Audit Rating
Audit Report Drafting, Review, & Finalization
IPPF Guidance on Communicating Engagement Results
Live Case Workshop – Communicating Engagement Results

Unit 6: Audit Engagement Supervision

End-to-end Supervision & Review of Engagement
Wrap-up and Administrative Matters
IPPF Guidance on Supervision
Live Case Workshop – Engagement Supervision & Quality Assurance

Unit 7: Monitoring Progress & Management Acceptance of Risks

Review of current process/practices
IPPF Guidance on Monitoring & Acceptance of Risks
Live Case Workshop – Monitoring & Acceptance of Risk

Unit 8: Implementation Follow Through & Assessment

IPPF Guidance on Quality Assurance of Engagement Process
Live Case Workshop – Live Case Quality Assessment
Resolutions & Next Steps

Schedule: December 12 - 16, 2022 | January 4 - 6, 20, 2023

April 20, 2023

May 10, 2023

Time: 8:30 am - 5:00 pm

Speakers

Edna De Leon

Consultant at Rustans Commercial Corporation

Pre-Approved Special Rate

Standard Price₱66,000