Learn how to set up an internal audit system

MANILA, Philippines - When do you know it’s time to set an internal audit function for your business?

An internal audit group is essential as soon as you start delegating key functions to other people such as finance, cash disbursements and receipts, procurement of inventories, maintenance, and even marketing.

Someone has to review if the work is done right and complying with policies and procedures to ensure that no cheating, fraud or abuse is happening. 

The Center for Global Best Practices is launching this special program entitled, “Best Practices on How to Set Up an Internal Audit System” on Tuesday and Wednesday, May 13 and 14, 2014 at the EDSA Shangri-La Hotel, Mandaluyong City, Philippines. 

For details and a complete list of seminars including Best Practices for Audit Committees, you may log on to www.cgbp.org or contact program leader Lara Magnait via email [email protected]; Manila landlines 842-7148/ 59 & 556-8968/ 69 or Cebu lines: (032) 512-3106/ 07; Baguio telephone: (074) 423-5148).

While external auditors play a role in business, they rely only on the truthfulness of the financial statement provided to them. It is the internal auditor who can police operations to check if there are irregularities that are happening.

An internal auditor is needed to have a well- functioning and effective internal audit system that can truly help improve risk management and cost control processes including monitoring and detecting fraud, provide recommendations for more sound corporate governance practices and for an effective and efficient operation. 

This two-day special program can help both profit and non-profit organizations as well as private and public institutions in their capacity building to set up and maintain an internal audit department. 

You can start with one person or a team of two to handle this function if you are a start-up or an SME, or a group handling that internal audit activity for bigger organizations.

This special program will feature Mary Jane O. Rosales, CPA, CIA. She was the president of the Institute of Internal Auditors in the Philippines in 2008. She has helped several organizations to improve their internal audit functions and aligned those with existing ones to the current best practices in internal audit.