Implementing Rules and Regulations

AASC Auditing Case Study Challenge

IRR 1.0 QUALIFICATIONS
IRR 1.1 The AASC Auditing Case Study Challenge is open for application to all accountancy or accounting
students who are bona fide members of Junior Philippine Institute of Accountants of their
respective local chapter.
IRR 1.2 Each team shall be comprised of four students. Students must enter as a team representing
their respective local chapter.
IRR 2.0 REQUIREMENTS
IRR 2.1 Each local chapter must comply with the following requirements in SOFT COPY only:
 Duly accomplished application form to be provided by the USL-JPIA.
 A scanned copy of an Endorsement Letter certifying that he is the official representative of his
local chapter and is currently enrolled in the same school. This letter must be duly endorsed by
the department head of the accountancy program and the academic dean. The said letter must
be signed by the local chapter Vice-President for Academics and local chapter President, noted
by the local chapter Adviser. The letter should be originally signed. Thus, digital signatures are
not allowed.
IRR 2.2 All the requirements must be compressed zip folder and must be sent together with the duly
accomplished application form to jpiausl.academics@gmail.com on or before______________.
Folder name: AASC Auditing Case Study Challenge_Nameoftheschool
Example: 2020 Auditing Case Study Challenge_UniversityofSaintLouisTuguegarao
IRR 2.3 Walk-in contestants shall not be allowed to join the competition.
IRR 3.0 GENERAL CONTEST RULES
IRR 3.1 Each local chapter may send one group with f o u r (4) members. The competition is open
only to students who have taken Auditing Theory.
IRR 3.2 Participants are not allowed to bring their own materials in the contest proper except for
calculators, laptops and one reference book for each member.
IRR 3.3 Participants are required to dress professionally while participating in the competition.
IRR 3.4 The Case Study Challenge will be divided into two rounds, namely:
IRR 3.4.1 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.
Only the top five (5) teams among all the participating teams will proceed to the final round.
This shall take place during the ____day of the Annual Accounting Students’ Convergence.
IRR 3.4.2 Oral Defense Round - In order to determine the final ranking of the top three teams, the
participants shall present their report in a PowerPoint format for 15 minutes and another 15
minutes shall be allotted for question and answer portion.
WRITTEN REPORT ROUND
The teams shall be given four hours to prepare a written report which should be submitted in soft
copy.
1. The written report should have the following at the minimum:
 Name of client
 Heading of the substantive audit documentation/working paper
 Documentation of the understanding of the entity
 Management Assertions
 Audit objectives
 Test of control/Substantive audit procedures performed
 Audit findings
 Proposed Adjusting Entries/Recommendations to management
 Conclusion
Contestants could include additional parts to the written report in order to add substance to the case
study, provided that the major parts are present.
2. The written report should follow the following format:
- All reports must be written in Arial font, 11 font size and with 1.5 spacing.
- Margins must be 1-inch in all sides of the document.
- The report shall not exceed 10 pages (excluding the title page)
- The report must not have an appendix.
- All reports (in PDF file ONLY) must be saved in a flash disk that contains no other files other
than the case report.
3. The following criteria shall be used to evaluate the written report:
Proper documentation of the understanding of the entity and evaluation of its control
25%
procedures.
Adequacy of analysis of any control deficiency identified during the evaluation
35%
of the controls (material misstatements, in case of substantive testing)
Reasonableness and relevance of the recommendations and Conclusion 35%
Technicalities 5%
Total 100%
Further discussions regarding the individual criteria are addressed below.
Proper documentation of the understanding of the entity and evaluation of its control
procedures is the extent to which the team:
 provides adequate documentation of understanding the background of the entity, including
its nature of operations and business procedures.
 effectively uses background information and available evidences
Adequacy of analysis of any control deficiency identified during the evaluation of the
controls (material misstatements, in case of substantive testing)is the extent to which the team:
 Successfully identified adequate and appropriate analysis that would eventually be the
basis in forming analysis and recommendations
 Effectively identified the impact of the control deficiencies/material
  Demonstrates logic in formulating recommendations, proposed audit adjustments and
conclusion
 Considers the feasibility of their recommendations when taken separately and when
taken together
 Reasonableness of findings and conclusion as supported with specific provisions from the
Philippine Financial Reporting Standards (PFRS) and Philippine Standards on Auditing (PSA)
Technicalities are the extent to which the team:
 Followed the recommended guidelines for written reports
 Presented its ideas in a logical, cohesive and smooth manner.
 Exhibited proper sentence construction and grammar
ORAL DEFENSE ROUND
1. 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. These shall transpire during the____day of the
Annual Accounting Students’ Convergence.
2. The teams shall present their report in front of the panel of judges for 15 minutes and another 15
minutes shall be allotted for the question and answer portion.
3. The medium for presentation must be English.
4. The following criteria shall be used to evaluate the oral presentation:

CRITERIA PERCENTAGE
Delivery 30%
Responsiveness 60%
Technicalities 10%
TOTAL 100%
Further discussions regarding the individual criteria are addressed below.
Delivery is the extent to which the team:
 Demonstrates organization of information in presenting their report.
 Speaks clearly and distinctly.
 Exhibits persuasiveness and confidence in presenting their report and
shows credibility on presenting the recommendations.
 Does not deviate from submitted written report.
Responsiveness is the extent to which the team:
 Clearly and concisely answers the questions being asked
 Shows mastery of their written report
 Ability to defend a particular position or strategy
 Quickly responding on the questions being asked and
providing relevant information related to the questions
Technicalities are the extent to which the team:
 Effectively uses PowerPoint as a visual aid
  Effectively uses the English language as a medium for presentation and speaks clearly
and distinctly
 Effectively maximizes the allotted time for presentation
IRR 3.5 The final score in the Audit Case Study competition shall be computed as follows:

CRITERIA PERCENTAGE
Written Report 40%
Oral Defense 60%
TOTAL 100%

IRR 3.6 The top three (3) teams accumulating the highest points shall be declared as the 1st place, 2nd
place, 3rd place, respectively.
*ADAPTED from NFJPIA 2014-2015 32nd ANC 1st Audit Crash Course and Case Study Competition