RATIONALE OF THE SEMINAR
Internal controls help an organization achieve its goals. It is a critical component of managing an organization and a foundation for its safe and sound operations. An effective internal control system helps an entity promote orderly, economical, efficient, and effective operations. It seeks to safeguard the resources and maintain reliable financial and management data. It enables compliance with laws and regulations and helps in mitigating the risk of unexpected losses or damage to the organization and its reputation.
As an organization engages in its day-to-day activities and in the management of risks, the corresponding internal controls to mitigate those risks become more important. At the same time, the internal audit unit can only be functional if it can evaluate internal control activities and provide the management an assurance of their adequacy before any problem becomes large and destructive. An effectively-functioning control system will build the organization’s capacity to deliver its products and services sustainably to its clients or customers.
At the end of the seminar, the participants are expected to
1. Explain the nature of internal control and its relationship with risk and audit and how they drive value for an organization;
2. Discuss the regulatory requirements for internal control system, including the framework, components, and measures and how they can be implemented in real business operations;
3. Describe the various principles and applications of internal controls that could help in achieving performance goals and objectives;
4. Assess internal control practices and devise workable solutions for identified internal control weaknesses; and
5. Illustrate the functions, processes, and procedures in the internal audit services in a company.
I. Understanding the Trilogy of Risk, Control, and Audit
II. Mapping Internal Controls in the International Landscape
III. Overview of the Five Components of Internal Control System
A. Component 1 – Internal Control Environment
B. Component 2 – Risk Assessment
C. Component 3 – Internal Control Activities
D. Component 4 – Information and Communication
E. Component 5 – Monitoring Activities
IV. Internal Control Activities for Company Assets
V. Internal Control Activities for Company Liabilities
VI. Internal Audit as a Component of Internal Control System
Mr. Rufo R. Mendoza, PhDCPA (Phil), CICA (US), CPFA (UK)Dr. Rufo R. Mendoza is a Certified Public Accountant in the Philippines. He has a master’s degree in development management and a PhD in Community Development and Agribusiness Management both from the University of the Philippines Los Baños. He has more than 30 years of teaching and administrative experience in the graduate school of leading universities in the Philippines: Associate Professor, Chair of Finance and Accounting Department, and Program Director at the Asian Institute of Management (2013-2018); Academic Program Manager, Lecturer, and Head of Public Finance Cluster at the Ateneo de Manila University's School of Government (2005-2011); Professorial Lecturer/Senior Lecturer at the UP Open University (2005-2013); Senior Lecturer at the University of Philippine Los Banos (1996-2003); and Graduate school professor at De La Salle Lipa. He has more than 20 years of experience in external audit and internal audit of private businesses. He has extensive experience in consulting with international development organizations as Senior Consultant in Public Financial Management (PFM) at the European Commission Technical Assistance for the Health Sector Policy Support Program (2008-2010); PFM Advisor at the Provincial Road Management Facility of the Australian Agency for International Development (2008-2012); and PFM Consultant in the World Bank, UNDP, and USAID. He was Consultant at the Presidential Anti-Graft Commission, Department of Health, Department of Budget and Management, and several local government units. He was Vice-Chair (2011-2014) and Member (2007-2011) of the Professional Regulatory Board of Accountancy and Chair of the Continuing Professional Development Council (2009-2014). For three years (2011-2014), he was the country’s delegate to the ASEAN Meetings of Professional Regulatory Authorities for the Mutual Recognition Arrangement on Accountancy Services.
Policies on Registration
1. To Avail of the EARLY BRID DISCOUNT, payment should be made no more than five (5) days adter registration.
2. For the seminar fee to be refunded, cancellation should be made not less than four (4) days before the date of the workshop.
3. Certificates will be given only to those who have actually attended the seminar. Those who register and pay but will not attend the workshop will be given handouts but not certificates.
4. Powermax Consulting Group will take video footage and/or photos of the seminar which may or may not include your recognizable image. By participating in this event, you consent to your voice, name, image, and/or likeness being used without compensation, in any form or medium, as part of the recording of the event and for any other commercial purposes (including in advertising and promotional materials)
5. The materials for this seminar are protected. Any form of audio, video or image recording of the seminar or PowerPoint slides used by the speaker is strictly prohibited.
6. Only the handouts will be given by the speaker. He / she is not obliged to provide a copy of other training materials like the Powerpoint file.
7. Companies / Organizations / Individuals with business(es) competitive with the businesses of Powermax Consulting Group (i.e., seminars, training, consultancy, and the like) are not allowed to register unless with written consent by the management of Powermax. Full disclosure of business line in registration is required. If anyone registers without full disclosure, and it is discovered that his business or one of his businesses is competitive with that of Powermax, his registration will be forfeited.
8. The management of Powermax reserves the right to refuse entry or evict any person who breaches these terms and conditions or deemed to be intoxicated or disorderly or under the influence of drugs.
9. The management of Powermax reserves the right to cancel or reschedule the event because of unforeseen circumstances, fortuitous events, or any other unfavorable situations or conditions.
10. If the seminar is cancelled because of unusual or unforeseeable circumstances or force majeure, Powermax will either refund the seminar fees paid by the participants / participating companies (but not the incidental costs such as transportation, plane tickets, hotel accommodation, per diem, and the like) or roll over the payment for other seminars of Powermax (provided that the seminar fee is the same or the difference will be rectified) depending on the preference of the participants / participating companies.
11. Upon reservation, your seat(s) will be reserved but there will be no seating arrangement. Preferred seats will be on a first-come first-served basis.