Board Directors' Guide for Audit Committees

SEC

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

P 2,980.00 / person - when you register and pay on or before May 18

P 3,980.00 / person - Regular Rate

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


TUESDAY, JUNE 18, 2024 * 9:00AM TO 12:15PM VIA ZOOM


Course Description

A crucial part of a board’s effectiveness is to fully understand the function of its audit committee whose chairmanship is normally assigned to a board director. If you are a board chairperson, director, member of top management, CFO, auditor or accountant, this program will greatly help you understand what audit committees do and don’t do.

This highly-rated webinar is a very useful guide on how to oversee the entire financial process, boost internal control system, improve risk management, and assess committee performance.



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

 

Agenda VI. Benefits of an Effective Audit Committee



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".
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Contact Person: Aiza Cuenca

Mobile Number (+63 998) 510-3748

Telefax: (+632) 8842-7148 or 59

Email: aiza.cgbp@yahoo.com



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