Colegio de San Gabriel Arcangel, Inc.

Founded 1993
Area E, Fatima 1, Sapang Palay, City of San Jose del Monte, Bulacan
Recognized by the Government: DepEd, TESDA and CHED
PACUCOA Accredited – Level 1 Status
 Telefax No. (044) 7600-301 /  0915-810-5686

READING REPORT in COGM2 Auditing and Assurance: Concepts and Application

(Subject Code & Description)
Date: _November 19, 2020________

The title of the book/ article I have read is: ________________________________________________________

AUTHOR’S LOGIC: The author is conveying the message/idea of:

Example: “Green” branding of businesses has gone too far and no longer carries the same sort of impact it once did.
Today, so many people are concerned with the environment that many businesses try to represent themselves as being
“green.” They want to have a reputation for being environmentally conscious.
____________The term audit usually refers to a financial statement audit. A financial audit is
an objective examination and evaluation of the financial statements of an organization to
make sure that the financial records are a fair and accurate representation of the
transactions they claim to represent. The audit can be conducted internally by employees of
the organization or externally by an outside Certified Public Accountant (CPA)firm._

STUDENT’S LOGIC: Provides learners with an opportunity to reflect and think about how they actually solve problems and
how a particular set of problem solving strategies is appropriate for achieving their goal. What is to be accomplished/learned?
Example: In support of the Supermarket “Green” initiatives, I bring my own shopping bags for grocery shopping and
say no to plastic bags.
Almost all companies receive a yearly audit of their financial statements, such as the income
statement, balance sheet, and cash flow statement. Lenders often require the results of an external audit
annually as part of their debt covenants. For some companies, audits are a legal requirement due to the
compelling incentives to intentionally misstate financial information in an attempt to commit fraud. As a
result of the Sarbanes-Oxley Act (SOX) of 2002, publicly traded companies must also receive an evaluation
of the effectiveness of their internal controls.X

VISION: MAN OF GOD – VIR ENIM DEI. “A leading transformational leadership institution with a unique
Gabrielian Culture of Discipline, Socially Responsible, Interdependent, Functionally Productive, Godly
Individuals and reaching the marginalized to thrive in the global community.
In aligning to the Vision and Mission of the College, I can apply what I have learned from my readings by:
Example: Being more aware about eco-friendly practices you can adopt at home so that we can make a positive difference as
socially responsible graduates.
_________By being aware of these knowledge it helps me more to understand every topics that we are
tasked to do, and in the future it will help us to fully understand the application in the Business Field.

Prepared by: Checked by:

______Bitara, Camille G._ ________ ____Ma’am Adalia Bringas, CPA____

Student Professor/Instructor

LEARNING DIARY in COGM2 Auditing and Assurance: Concepts and Application

(Subject Code & Description)
 Colegio de San Gabriel Arcangel, Inc.
Founded 1993
Area E, Fatima 1, Sapang Palay, City of San Jose del Monte, Bulacan
Recognized by the Government: DepEd, TESDA and CHED
PACUCOA Accredited – Level 1 Status
 Telefax No. (044) 7600-301 /  0915-810-5686

Date: _November 19, 2020__

I learned in our prayer that always makes time to thank God for all the blessings that we received from
him and of course all the difficulties in life that we overcome and the lessons that we get from that.

My action today is to _be responsible to be able to do my task properly and timely and by being like that it
will allow me to make time to relax myself to prevent being overworked.

In our lessons for today, I have learned about:

1. The external audit is referring to the audit firms that offer certain auditing services including
Assurance Service, Consultant Service, Tax Consultant Service, Legal Service, Financial Advisory,
and Risk Management Advisory.
2. Internal Auditing is an independence and objectivity consulting service that is designed to add value
to the business and improve the entity’s operation.
3. Forensic Accounting is the type of engagement that undertaking the financial investigation in
response to a particular subject matter, where the findings of the investigation are used as evidence in
court or conflict resolution among shareholders.
4. The statutory audit is normally performed by external audit firms and the  audit report will be issued
by the auditor and submit to the government body by the entity.
5. Financial audit refers to the audit of the entity’s financial statements by an independence auditor
where audit opinion will be provided on those financial statements after auditing works are done.
6. A tax audit could be performed as the result of in-compliant found by a government agency or the
schedule set by the government tax department.
7. An information system audit is sometimes called an IT audit. This type of audit assesses and checks
the reliability of the security system, information security structure, and integrity of the system so that
the output produces is reliable.
8. A compliance audit is a type of audit that checks against internal policies and procedures of the entity
as well as law and regulation where the entity operating in.
9. Value for money audit refers to audit activities that perform in assessing and evaluating three main
difference factors: Economy, Efficiency, and Effectiveness.
10. Review financial statements are a type of negative engagement where auditors are engaged to review
the financial statements of the entity.
I will memorize the above learning points, explain them in my own words, and apply them in our activities.

VISION: MAN OF GOD – VIR ENIM DEI. “A leading transformational leadership institution with a unique
Gabrielian Culture of Discipline, Socially Responsible, Interdependent, Functionally Productive, Godly
Individuals and reaching the marginalized to thrive in the global community.
I can connect my learning today with the vision and mission of our school by:
_________By knowing all this topics I can be a responsible student in a way that I can utilize the entire task
that I do using the lessons that I’ve learned so far. And also] it can help me to improve my knowledge about
many things in this field.

Prepared by: Checked by:

_______Bitara, Camille G. ________ ____Ma’am Adalia Bringas, CPA_____

Student Professor/ Instructor