The role of Internal Auditor in financial auditing is not to attest to the fairness of presentation of financial statements but focuses on the evaluation of the internal controls over financial reporting. Hence, to effectively perform such role, Internal Auditors should adopt an effective approach to evaluating the internal controls over financial reporting.

This seminar outlines a contextual approach to evaluate controls over financial accounting by viewing financial statements not through the medium of accounting or bookkeeping cycle but rather taking the perspective that the structure of an entity's financial position and changes therein are a function of its marketing, production, administrative, investment and financial plans, and activities.

This approach should give the Internal Auditor a real ability to decipher what happened to an entity from its financial statements and to derive what is going to happen to the entity as a result of its plans. This enables the Internal Auditor to direct its effort and resources towards those areas of the financial statements that are likely to contain misstatements as a consequence of the risks faced by the entity, and evaluate the adequacy and effectiveness of internal controls.

Topic 1 - Internal Audit's Role in conducting Financial Audits

  • Three Line of Defense Model (Understanding the responsibilities of various owners in the governance, risk management and controls over financial reporting)
  • IA assurance over Financial Reporting

Financial Reporting Process: Back to Basics

  • Operating Cycle
  • Accounting Key Concepts and Terminologies
  • Accounting Cycle
  • Financial Statements

Topic 2 - Processes, Accounts and Financial Reporting Assertions/ Attestations

  • Processes affecting financial reporting
  • GL entries and accounts affecting each process
  • FS assertions

Topic 3 - Financial Audit Methodology

  • Understanding an Organization's Financial Risk Profile: Financial Statements Analysis
  • Risk Assessment and Prioritization
  • Risk-control evaluation
  • Project Selection and Plan development

Number of CPE units: 7


  1. Cancellations received 48 hours before the seminar date and no-show will be charged 50% of the registration fee. Request for refund of the remaining fee must be done through email. Expect at least two weeks of processing time upon verification of refund.
  2. Substitutions are allowed if the membership status of the two participants is the same; otherwise, the difference in the ticket price must be settled.


IIAP's new bank account information under UNIONBANK OF THE PHILIPPINES (UBP)

Note that the submission of Proof of Payment is still mandatory for Official Receipt (OR) issuance.


Bank Details

Account Name : Institute of Internal Auditors Philippines, Inc.


Branch : Insular Ayala-Paseo Branch

Bank Address : GF Insular Life Building Ayala Avenue corner

Paseo de Roxas Makati City

Swift Code : UBPHPHMM

Account no. : 0030 6000 2627 (Peso Checking Account)

Purpose of Transactions : for Seminar/Events Registration and Membership Fees

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