Jimmy Martin G.

Revicente
BSIS III – 05
ASYNCHRONOUS ACTIVITY - WEEK 1 TOPIC

1. Visit the Websites of four external audit organizations: two private and two government sites.
Provide a summary of who they are and their roles, function, and responsibilities.

1. Mantilla-Roja Accounting Firm (MRAF) - MRAF, as a dependable accounting solutions supplier,

provides a comprehensive variety of bookkeeping and accounting services to small, medium,
and big businesses. They can work with you as a bookkeeper, accountant, controller, business
counselor, part-time CFO, or the complete department, depending on your needs. All of their
accounting services may be ramped up during peak periods and then reduced down when they
are no longer needed. By collaborating with them to assist you handle crucial non-core
operations, you can focus your efforts on growing your main company, which is critical for
growing companies. You'll see why they’re the accounting service provider that all of their
clients suggest once you've tried our online accounting and online bookkeeping services.
2. Pacheco, Apostólico y Asociados - Our costs are appropriate to the benefit derived from these
services, and we efficiently handle small, medium, and big organizations. An audit conducted by
Pacheco, Apostólico y Asociados is backed up by our in-depth understanding of the industry in
which the client works, as well as our extensive expertise and global network of specialists. The
goal of a financial audit performed by Pacheco, Apostólico y Asociados is to keep the Board of
Directors, management, shareholders, and stakeholders informed of the company's equity and
financial position, as well as its operations and organizational structure, for better asset control
and safekeeping.
3. KPMG - In today's capital markets, an independent audit is the bedrock of decision-making. The
Audit practice of KPMG in the Philippines has as its main goal to improve the dependability and
clarity of information intended for use by investors and other stakeholders while adhering to all
applicable legislative rules and professional standards. The KPMG Audit Methodology (KAM),
which is used by our audit professionals, facilitates and improves audit quality by focusing on
delivering independent, rigorous audits that meet applicable local and international accounting
standards, as well as providing a foundation for a consistent risk-based audit approach.
ROLES & RESPONSIBILITIES OF EXTERNAL AUDIT FIRMS

 Providing an Opinion on Financial Statements - Some executives believe their financial

statements will be prepared by external audit companies, whereas in reality, it is the
responsibility of corporate executives. External audit firms are in charge of giving reasonable
assurance that financial statements are free of substantial misstatements and are produced in
accordance with accounting standards. Although many external auditors will provide
suggestions to management, they are not there to remedy the problems. External auditing
companies are similarly not tasked with delivering ultimate assurance of flawless financial
accounts; they just evaluate enough information to offer reasonable certainty.
 Understanding the Entity and Its Environment - Despite the fact that accounting is often
associated with number crunching, auditors understand that financial statements do not exist in
a vacuum. External auditors are tasked with learning everything there is to know about their
client's environment, activities, and internal controls. Auditors will do an initial risk assessment
of the organization to accomplish this. External auditors will often inspect the electronic
accounting information system to guarantee that the data is secure. They'll compare the firm to
others in the industry to see if there are any discrepancies that might be caused by inaccurate
financial reporting.
 Obtaining Sufficient Evidence to Form an Opinion - External auditors rely heavily on the
evidence they review during the audit to form their conclusions. Auditors should assess the
riskiness of the customer to make sure they've gathered enough proof. The more evidence they
collect before delivering an opinion, the larger the danger the client poses. The evidence's
quality is also critical. To confirm the client's financial information, certain proof must be
collected from credible third-party sources, such as banks and lenders.
 Independence - The audit company is responsible for maintaining an impartial attitude and
giving the customer the impression of independence. Due to the auditor's lack of independence,
he or she may fail to address audit issues, lowering the external audit's credibility and
assurance. The auditor shall not act as a client's officer or assist in the management of the
client's business. Auditing businesses should also have no financial ties to their clients. Before
auditing a customer, audit firm partners should make sure that none of their auditors have any
joint ventures or major assets in the client.
2. You are asked by your IT audit manager to:

a. Prepare a list of at least five professional certifications/designations that would be helpful for the IT
audit staff to have.

 Certified Internal Auditor (CIA)

 Certified Information Systems Auditor (CISA)
 Certified Public Accountant (CPA)
 Certified Fraud Examiner (CFE).

b. In a three-column table format, document the name of the professional certification or designation,
name of the issuance professional organization, reasons why you think it would be relevant for the IT
auditor, and the source link of the Website or source examined.