Guide in setting up an internal audit system

WHEN do you know it’s time to set an internal-audit function for your business? An internal-audit group, or person, 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 CPD-accredited program, entitled “Best Practices on How to Set Up an Internal Audit System,” on May 19 and 20 at the Edsa Shangri-La Hotel, Mandaluyong City.  For details and a complete list of seminars including Best Practices for Audit Committees, you may log on to, or contact program leader Lara Magnait via e-mail [email protected]; Manila landlines 842-7148/59 and 556-8968/69; Cebu lines: (032) 512-3106/07; and 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 your operations to check if there are irregularities that are happening. This provides you the need to have a well-functioning and effective internal-audit system that can truly help you improve your risk management and cost-control processes, including monitoring and detecting fraud, providing recommendations for more sound corporate governance practices and very effective and efficient operations. This two-day special program is to help both profit and nonprofit 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 a small and medium enterprise, 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 improve their internal-audit functions and aligned those with existing ones to the current best practices in internal audit.  Many of her initiatives are focused on promoting internal audit as a way to strengthen the performance of many organizations. 

Attend and learn these best practices for better business performance. Pre-registration is required in this limited-seats-only event.

Accountants attending will earn CPD units.  This is open to the public.


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