DELA VEGA, NIKKI A.

BSACT-BCG
HOMEWORK:
1. WHAT IS INTERNAL AUDIT?
- Internal auditing is an independent, objective assurance and
consulting activity designed to add value and improve an organization's
operations.
- It helps an organization accomplish its objectives by bringing a
systematic, disciplined approach to evaluate and improve
the effectiveness of risk
management, control,
and governance processes.
- The examination, monitoring and analysis of activities related to a
company's operation, including its business structure, employee
behavior and information systems. An internal audit is designed to
review what a company is doing in order to identify potential threats to
the organization's health and profitability, and to make suggestions for
mitigating the risk associated with those threats in order to minimize
costs.
2. WHY IS INTERNAL AUDIT IMPORTANT TO YOUR ORGANIZATION?
- Internal Audit is a cornerstone of good corporate governance in
organisations and can play an important role to improve management
and accountability, both financial and nonfinancial. Internal audit can
be a pivotal activity to provide assurance to the board of directors, the
audit committee, and the chief executive officer, and stakeholders that
the organisation is governed effectively.
- Internal Auditing is an independent and objective appraisal
mechanism
within
the
institution.
The
findings
and
recommendations highlight the areas were corrective action and
improvement are needed.
- Internal auditing can cover more than one topic at the institution or
concentrate one aspect assess the efficacy and reliability of
different processes.
- Internal auditing helps organizations achieve their stated objectives.
3. WHAT ARE THE ACTIVITIES OF THE INTERNAL AUDITOR?
- One of Internal Audits primary activities is performing reviews of
internal control.
- Internal Audit provides Management with analyses, assessments,
recommendations and advice concerning the operations reviewed,
and carries out investigations when necessary.
-

It provides information about the adequacy and effectiveness of

internal controls and of operations and, more widely,
the performance of the Secretariat of the Council of Europe in

carrying out policies, programmes and actions. Internal Audit also

monitors the implementation of audit recommendations.
Internal Audit provides:

Performance Audits, which are comprehensive reviews

addressing
issues
related
to effectiveness, efficiency
and programme management;
Compliance Audits, which address issues relating to financial
integrity, compliance with rules and the safeguarding of assets;
Information Technology Audits, which address issues of security
and application controls, and the efficiency and effectiveness of
electronic data processing systems;
Management Consulting Services at the request of Management
to address emerging issues.

4. WHAT IS COSO FRAMEWORK?

- The Committee of Sponsoring Organizations of the Treadway
Commission (COSO) is a joint initiative of five private sector
organizations, established in the United States, dedicated to
providing thought leadership to executive management and
governance entities on critical aspects of organizational
governance, business ethics, internal control, enterprise risk
management, fraud, and financial reporting. COSO has
established a common internal control model against which companies
and organizations may assess their control systems. COSO is
supported by five supporting organizations, including the Institute of
Management Accountants (IMA), the American Accounting
Association (AAA), the American Institute of Certified Public
Accountants (AICPA), the Institute of Internal Auditors (IIA),
andFinancial Executives International (FEI).
- The COSO framework involves several key concepts:
Internal control is a process. It is a means to an end, not an end in
itself.
Internal control is affected by people. It's not merely policy,
manuals, and forms, but people at every level of an organization.
Internal control can be expected to provide only reasonable
assurance, not absolute assurance, to an entity's management and
board.
Internal control is geared to the achievement of objectives in one or
more separate but overlapping categories.

DELA VEGA, NIKKI A.

BSACT-BCG

REPUBLIC ACT NO. 1425

AN ACT TO INCLUDE IN THE CURRICULA OF ALL PUBLIC AND PRIVATE
SCHOOLS, COLLEGES AND UNIVERSITIES COURSES ON THE LIFE, WORKS
AND WRITINGS OF JOSE RIZAL, PARTICULARLY HIS NOVELS NOLI ME
TANGERE AND EL FILIBUSTERISMO, AUTHORIZING THE PRINTING AND
DISTRIBUTION THEREOF, AND FOR OTHER PURPOSES
WHEREAS, today, more than any other period of our history, there is a need for a rededication to the ideals of freedom and nationalism for which our heroes lived and died;
WHEREAS, it is meet that in honoring them, particularly the national hero
and patriot, Jose Rizal, we remember with special fondness and devotion
their lives and works that have shaped the national character;
WHEREAS, the life, works and writing of Jose Rizal, particularly his novels
Noli Me Tangere and El Filibusterismo, are a constant and inspiring source of
patriotism with which the minds of the youth, especially during their
formative and decisive years in school, should be suffused;
WHEREAS, all educational institutions are under the supervision of, and
subject to regulation by the State, and all schools are enjoined to develop
moral character, personal discipline, civic conscience and to teach the duties
of citizenship; Now, therefore,
SECTION 1. Courses on the life, works and writings of Jose Rizal, particularly
his novel Noli Me Tangere and El Filibusterismo, shall be included in the
curricula of all schools, colleges and universities, public or private: Provided,
That in the collegiate courses, the original or unexpurgated editions of the
Noli Me Tangere and El Filibusterismo or their English translation shall be
used as basic texts.
The Board of National Education is hereby authorized and directed to adopt
forthwith measures to implement and carry out the provisions of this Section,
including the writing and printing of appropriate primers, readers and
textbooks. The Board shall, within sixty (60) days from the effectivity of this

Act, promulgate rules and regulations, including those of a disciplinary

nature, to carry out and enforce the provisions of this Act. The Board shall
promulgate rules and regulations providing for the exemption of students for
reasons of religious belief stated in a sworn written statement, from the
requirement of the provision contained in the second part of the first
paragraph of this section; but not from taking the course provided for in the
first part of said paragraph. Said rules and regulations shall take effect thirty
(30) days after their publication in the Official Gazette.

SECTION 2. It shall be obligatory on all schools, colleges and universities to

keep in their libraries an adequate number of copies of the original and
unexpurgated editions of the Noli Me Tangere and El Filibusterismo, as well
as of Rizals other works and biography. The said unexpurgated editions of
the Noli Me Tangere and El Filibusterismo or their translations in English as
well as other writings of Rizal shall be included in the list of approved books
for required reading in all public or private schools, colleges and universities.
The Board of National Education shall determine the adequacy of the number
of books, depending upon the enrollment of the school, college or university.
SECTION 3. The Board of National Education shall cause the translation of
the Noli Me Tangere and El Filibusterismo, as well as other writings of Jose
Rizal into English, Tagalog and the principal Philippine dialects; cause them
to be printed in cheap, popular editions; and cause them to be distributed,
free of charge, to persons desiring to read them, through the Purok
organizations and Barrio Councils throughout the country.
SECTION 4. Nothing in this Act shall be construed as amendment or
repealing section nine hundred twenty-seven of the Administrative Code,
prohibiting the discussion of religious doctrines by public school teachers and
other person engaged in any public school.
SECTION 5. The sum of three hundred thousand pesos is hereby authorized
to be appropriated out of any fund not otherwise appropriated in the National
Treasury to carry out the purposes of this Act.
SECTION 6. This Act shall take effect upon its approval.

Approved: June 12, 1956