Board Directors' Guide for Audit Committees

Training investment is inclusive of an e-certificate and a printed learning material

P 2,980.00 / person - when you register and pay on or before May 14

P 3,980.00 / person - Regular Rate

Add P450 for a printed copy of a certificate of attendance inclusive of delivery charge

WEDNESDAY, JUNE 14, 2023 * 9:00AM TO 12:15PM VIA ZOOM

Course Director & Lecturer

Ms. Judith V. Lopez CPA

She is former senior partner and chairperson of PwC Philippines with more than 35 years of experience in the fields of auditing, financial reporting and internal controls.

She served as the chairperson of International Monetary Fund’s (IMF) External Audit Committee (EAC), 2021; and was member of IMF EAC from 2018 to 2021.

Moreover, she served as chairperson of the Philippine Auditing and Assurance Standards Council, the Association of Certified Public Accountants in Public Practice in the Philippines and the Financial Executives Institute of the Philippines.

She also became a member of the board of directors of the Philippine Institute of Certified Public Accountants and a member of the Financial Reporting Standards Council.

She was an independent director and chairperson of the audit committee of the Philippine Veterans Bank until June 2022.

Course Outline

Agenda I.  Snapshot: Top Issues that Audit Committees should Keep in Mind

Agenda II. The Audit Committee and Good Governance

                   • Revised Code of Corporate Governance Board Committees
                   • Specific Duties and Responsibilities

                      - On financial reporting
                      - On internal control system
                      - On internal audit
                      - On external audit

Agenda III. Audit Committee Roles and Responsibilities: Adding Value
                   • Financial Reporting and Disclosures
                      - Understanding the business
- Promote financial reporting quality and transparency
                      - Materiality
                      - Significant changes during the reporting period
                      - Related Party Transactions

                   • Internal Control System and Risk Management
                      - Risk Management and Internal Control System
                      - Financial Reporting Fraud
                   • Oversight of Internal Audit
                      - Internal Audit
                      - Empowering internal audit

                   • Oversight of External Auditors
                      - Why the external auditor oversight is important?
                      - Auditor independence
                      - Communications with the external auditor
                      - External auditor relationship with internal audit
                      - Evaluation of the external auditor
                      - Changing auditors

                   • Culture and Compliance - The Soul of Corporate Accountability
                      - Tone at the Top
                      - Compliance and ethics programs

Agenda IV. Assessment of Performance of the Audit Committee
                    - A Robust Assessment

                    - Guidelines under the IC Code
                    - Board action on assessment

Agenda V.  Building an Effective Audit Committee
                   - Committee composition
                   - Meetings/ minutes of meetings
                   - Training requirements of committee members
                   - Climate of trust and candor/ Culture of Open Dissent

Attendees from the government are exempted from the P2,000.00 limit set by COA for attending training provided by the private sector based on Department of Budget and Management Circular No. 563 dated April 22, 2016.

Attending this training is not covered by Philippine Procurement Law or RA 9184 based on its Revised IRR’s Section 4.5-b. which classifies training continuing education, conferences and similar activities as "non-procurement activities that shall be governed by applicable COA, CSC, and DBM rules".
Contact Details

Contact Person: Aiza Cuenca
Mobile Number (+63 998) 510-3748
Telefax: (+632) 8842-7148 or 59
Email: aiza.cgbp@yahoo.com

Account Name: Center for Global Best Practices Foundation, Inc.

Metrobank: 495-3-495-504-418
Unionbank: 0013-3002-7702
PNB: 1477-7000-0961
Landbank: 3832-1015-82


Unit 905 Richville Corporate Tower
1107 Alabang-Zapote Road
Madrigal Business Park
Muntinlupa City, 1780, Philippines

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(+63 2) 8556-8968 (+63 2) 8556-8969 (+63 2) 8842-7148 (+63 2) 8425-9752 (+63 2) 8842-7159 cgbp.info@gmail.com

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