BRIAN JAY D.

GO
AUD 1206 Assignment Number 2
Answer the following questions briefly and concisely.
1. Describe the mandate, functions and role of Securities and Exchange Commission in the
Philippines and to the businesses.
The mandate, functions and role of Securities and Exchange Commission in the
Philippines and to the business is to supervise the corporate sector, the capital market
participants, and securities and investment instruments market, and the protection of
the investing public. The Securities and Exchange Commission was entrusted with
regulating the sale and registration of securities, as well as the activities of exchanges,
brokers, dealers, and salesmen. Following that, legislation was passed to stimulate
investments and more active public participation in the activities of private firms and
enterprises, as well as to expand the Commission's duties. Newly approved regulations
have placed a greater emphasis on the Commission's role in developing and regulating
the corporate and capital markets to promote good corporate governance, investor
protection, broadened ownership involvement, and wealth democratization. The
Philippine Securities and Exchange Commission (SEC) is the registrant and regulator of
the Philippine corporate sector. It oversees approximately 600,000 active corporations
and examines all financial statements (FS) filed by all corporations registered with it.

2. As future professional accountants, what is your role in promoting and achieving

sustainability and to sustainability reporting?
As future professional accountants, our role in to continue achieving
sustainability and to sustainability reporting is always to continue planning for a long-
term plan. The following are the roles that an accountant can execute: (1) Developing
policies to address sustainability issues, their application and the monitoring of them
across the organization and in managing the associated operating risks, (2) Involvement
with the design, operation and monitoring of purchasing policies, standards and
management systems relating to the supply chain (3) Supporting stakeholder
engagement processes with readily accessible and reliable information, and assisting
with the collation and analysis of stakeholder feedback, (4) Identifying those voluntary
environmental or social codes appropriate to their business or integrating operation of
the codes with an existing management information system, (5) Supporting
benchmarking by providing relevant and reliable information in accessible, meaningful
and comparable ways, (6) Providing effective support for businesses affected by
emission trading schemes, by collecting and interpreting information, monitoring and
controlling market activities;
3. Describe the importance of corporate governance and board of directors’ function.
Effective corporate governance means that the board of directors meets on a
regular basis, maintains control over the company, and is clear about their roles and
responsibilities, as well as maintaining a risk management strategy. By having an
effective corporate governance also shows that the company is handled well by the
board of directors. In addition, proper plan will be executed properly because it shows
that the BOD supports each other’s decision.
4. Select a publicly listed company in the Philippines and check its official website. Send a
screenshot and describe the corporate governance portion of the webpage.

As we can see in the picture, the corporate governance of BDO are the following:
Accountability, fairness, integrity, transparency and performance. I can say that the
corporate governance that was stated there is applied in every BDO transaction. Which
is why, many people choose BDO when they open their accounts or other transactions
because BDO has a smooth customer service, but the long lines of people are inevitable
as it has many customers looking forward to start banking with BDO.
5. What will you do if you face an ethical dilemma, and must compromise your values?
Corporate governances are always stated in every company because of two
simple reasons, and it is to always guide as when we face ethical dilemma, to make sure
that we will not violate on the values that are stated. Which is why, having corporate
governance is crucial in every company as it will always your guide in every negotiation
we do in a business.
6. Differentiate a financial statement audit from operational audit.
Operational audits examine the efficiency and effectiveness of operating policies
and procedures. While Financial statement audits evaluate if a company's financial
statements have been prepared and presented properly and in conformity with
recognized financial accounting standards.
7. If you will become an internal auditor in the future, what general competency and
behavioral skill do you think you have to improve with the most? Why?
If I will become an internal auditor in the future, the important general
competency and behavioral skill that I must improve in every step of the way are the
following: Communication Skills and Problem identification and solution skills.
Communication skills because I must have the skill to talk with different people in
different company with confidence as this can help me gave assurance to people in
order for them to trust as in their businesses. Also, Problem identification and solution
skills because if there is a problem in their Financial and operational activities, only an
internal auditor can solve a problem while providing solutions that can help in the
business.