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Implementing Rules and Regulations (Irr) in The Conduct of The Regional Audit Case Challenge (Preliminary Round)
Implementing Rules and Regulations (Irr) in The Conduct of The Regional Audit Case Challenge (Preliminary Round)
REGULATIONS (IRR)
IN THE CONDUCT OF THE
REGIONAL AUDIT CASE CHALLENGE
(Preliminary Round)
Version Date Issued/Revised Approved By Noted By Details
No. By
1 2015 Arvince Dylan Daryl DG. Mr. Jamhel C. Initial
I. Tabamo Cruz Marquez, Issue
CPA
2 June 3, 2016 Margot M. Chelsea Diane Annual
Sanoy R. Pineda Update
3 June 24, Aira Jerrilie B. Claudine Ms. Ma. Annual
2017 Acdan Nicole D. Kristel Kae T. Update
Valenzuela Sacoco, CPA
Date Issued/Revised
IRR 2.3 To increase the level of participation and involvement of local chapters in
NFJPIA-R1CAR activities
IRR 2.4 To allow students to test their knowledge against one another in a
friendly, fun and competitive atmosphere
IRR 2.5 To let the participants experience a simulated auditing workplace scenario
IRR 3.2 The local chapter vice president for academics must send a duly
accomplished Application Form of the contestants and an image file of the
school logo or seal on or before August 20, 2017.
IRR 3.3 Scanned copies of the enrolment form (for those who are currently taking
Auditing Theory), printout or certification of grades (for those who have
taken Auditing Theory) and ID for the current semester of the participants
must also be submitted to the regional vice president for academics.
IRR 3.4 All requirements must be zipped into one file with a title of
cc to nfjpia1718.r1carsecgen@gmail.com.
IRR 3.5 A registration fee of P75 shall be paid during the registration phase of the
Provincial Eliminations.
IRR 3.6 The participants must also bring their duly signed waivers during the
competition or a fee of P50 shall be imposed upon them.
IRR 3.8 Failure to comply with any of the above requirements shall mean
disqualification of the contestants in the specific event. The Official List of
Participants shall be posted on the NFJPIA-R1CAR Facebook page three
days before the competition.
IRR 4.2 Participants are not allowed to bring their own materials in the contest
proper except for 1 calculator, laptops and one reference book for each
member.
IRR 4.3 Participants must strictly be in corporate attire during the competition
proper.
IRR 4.4 The Audit Case Study Competition shall be divided into two rounds,
namely:
IRR 4.4.1 Written Report Round - During this round, the participants shall
submit their reports containing their analysis and answer on the audit
case. Four hours is allotted on this round.
IRR 4.4.2 Oral Defense Round - In order to determine the final ranking of
the top five teams, the participants shall present their report in a
PowerPoint format for 15 minutes and another 10 minutes shall be
allotted for question and answer portion.
IRR 4.5 The teams shall be given four hours to prepare a written report which
should be submitted in soft copy.
IRR 4.6 The written report should have the following at the minimum:
-Name of client
-Audit objectives
-Audit findings
-Conclusion
IRR 4.7 The written report should follow the following format:
IRR 4.8 The following criteria shall be used to evaluate the written report:
Proper documentation of the understanding of 25%
the entity and evaluation of its control
procedures
Adequacy of analysis of any control deficiency 35%
IRR 4.9 The top five local chapters shall advance to the Defense Round. Should the
number of teams not exceed seven (7), all teams shall advance to the
Defense round.
IRR 4.10 The qualifying teams shall be given two hours to prepare a power point
presentation and rehearse their oral presentation. After two hours, all teams
shall be isolated in one room and shall wait for their turn to defend their
case analysis.
IRR 4.11 The teams shall present their report in front of the panel of judges for 15
minutes and another 10 minutes shall be allotted for the question and
answer portion.
IRR 4.12 The top 3 local chapters per hub shall advance to the final round of the
Audit Case Challenge to be held during the 16th Regional Mid-Year
Convention.
No. of Items 7 7 7 -
Corresponding points 3 5 7 -
IRR 5.2 Contestants shall be provided with a copy of the question for every item.
The contestants must not flip the copy of the question until the quizmaster
announces the question number that would serve as a go signal for a
contestant to read the provided question. Any contestant who violates the
said provision for the 2nd time shall be given sanction of accumulating only
50% of his total score garnered in all rounds. Violation of this provision for
the 3rd time shall mean disqualification of the contestant.
IRR 5.3 The contestants are allowed to manipulate their calculator only when the
quizmaster says GO! On the other hand, each contestant is given the
privilege to start writing on the scrap paper provided for them while the
Quiz Master is reading the question.
IRR 5.4 The contestants should have written their answers before the time allotted
has elapsed. They must raise their answer boards once the quizmaster says
so. Any contestant who fails to comply will receive a warning and his
answer may be forfeited depending upon the decision of the board of
judges.
IRR 5.5 The top 10 shall advance to the final round and all scores shall revert back
to zero.
IRR 5.6 A total of 25 questions shall be given on the final round. The pointing
system shall be in a correct minus wrong scheme.
Theories Problems
IRR 5.7 Finalists shall have the discretion if they like to raise their answer boards or
not. However, raising a board with an incorrect answer shall trigger the
deduction on the score. If a contestant refuses to raise his or her answer
board, no point deduction shall be given.
IRR 5.8 The top three contestants shall be announced as the winners for their
respective events. A contestant who failed to raise his or her board at least
five times cannot qualify in the top three.
IRR 6.3 Any request for amendments and revisions as well as proposed
amendments must initially be reviewed by the Regional Vice President for
Academics then to be forwarded to the Regional Executive Officers for
discussion, editing and final approval and to be noted by the Regional
Adviser/s.
IRR 6.4 The Regional Executive Officers shall have the right to debunk any
proposed revisions and amendments, submitted to them by the Regional
Vice President for Academics, which are deemed unnecessary. The final
decision on any inclusions and exclusions to this Implementing Rules and
Regulations must be determined by a majority vote of all Regional
Executive Officers in which the Regional Vice President for Academics is
included.
PREPARED BY:
NOTED BY: