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Focus & Features

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.

What You Will Learn

Internal Audit's Financial Auditing Role

Internal Audit Planning

  • Understanding the Business
  • Evaluations Business Ventures (Financial Statements Analysis)

Risk and Control Analysis (RACA)

  • Evaluating Controls
  • Risk Prioritization
  • Gap Analysis (Residual Risks)

Audit Verification

  • Evaluation of Business Transactions (Analysis of Transactions)
  • Detailed Verification

i. Review of Financial Forecasting

ii. Review of Working Capital and Financing Decision Process

iii. Review of Current Assets Management Process

  • Review of Cash Management Process
  • Review of Marketable Securities Management Process
  • Review of Accounts Receivable Management Process
  • Review of Inventory Management Process
  • Review of Accounts Payable Management Process

iv. Review of Short-term Credit for Financing Current Assets

v. Review of Long-term Financing Decision- Making Process

vi. Review of Sources of Intermediate and Long-term Financing

vii. Review of Other Financing Processes

Overall Review

  • Evaluation of Business Ventures (Financial Statements Analysis)
  • Income Statement
  • Comprehensive Income
  • Balance Sheet
  • Cash Flow



Who Should Attend

This seminar is ideal for all auditors


Institute of Internal Auditors Philippines, Inc.
139 Corporate Center, Valero Street,
Makati City, Philippines

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