1.

Governance Planning: The process of developing and implementing plans and strategies for
effective organizational governance.

2. Corporate Raiding: The aggressive takeover of a company, often involving hostile tactics to
gain control and restructure its operations.

3. Fraud: Deceptive and dishonest activities carried out to gain an unfair or unlawful advantage,
typically involving misrepresentation or manipulation.

4. Chapter 11: A chapter of the United States Bankruptcy Code that provides for the
reorganization of a financially distressed company under the supervision of the court.

5. Missioning: The act of defining and communicating the mission or purpose of an organization.

6. Technical Competence: Possessing the necessary skills, knowledge, and expertise to

perform tasks or make decisions in a specific technical field.

7. Professional Independence: The ability of professionals to act with objectivity and without
bias, ensuring their judgments are not unduly influenced.

8. Objectivity: The quality of being impartial and unbiased when making decisions or
assessments.

9. Integrity: Adherence to moral and ethical principles, honesty, and soundness of character.

10. Core Competences: Unique capabilities and strengths that give an organization a
competitive advantage.

11. Operational Planning: Planning that focuses on day-to-day activities and processes to
achieve organizational goals.

12. Internal Control: Systems, policies, and procedures put in place by an organization to
safeguard assets, ensure accuracy in financial reporting, and promote operational efficiency.

13. The Stated Goal of SOx: The Sarbanes-Oxley Act aims to improve corporate governance,
financial transparency, and accountability to prevent accounting scandals.

14. Business Planning: The process of defining business goals and developing strategies to
achieve them.

15. Business Process: A series of coordinated activities that contribute to the production of
goods or services within an organization.
16. TYCO Scandal: A corporate scandal involving Tyco International, where executives
engaged in financial fraud and other unethical practices.

17. Management Fraud: Deceptive activities carried out by individuals in managerial positions
within an organization.

18. Board Balance Scorecard: A strategic performance measurement tool that helps boards of
directors assess an organization's performance in various areas.

19. Audit Committee: A subgroup of a company's board of directors responsible for overseeing
financial reporting, internal controls, and audit processes.

20. Three Tier Security Checks: A security system involving three levels of scrutiny or
verification to control access to sensitive information or areas.

21. Rules-Based Code of Ethics: A code of ethics that provides specific rules and guidelines for
ethical behavior within an organization.

22. Policy on Accountability, Integrity, and Vigilance: Organizational policies emphasizing

responsibility, honesty, and watchfulness against unethical practices.

23. Arthur Andersen: A former accounting firm involved in the Enron scandal, leading to its
dissolution.

24. Strategic Management: The formulation and implementation of long-term goals and
initiatives to achieve a competitive advantage.

25. Strategic Planning: The process of defining an organization's direction and making decisions
on allocating its resources to pursue its strategy.

26. Indicators of Fraud: Signs or red flags that may suggest fraudulent activities within an
organization.

27. Managerial Control Systems: Tools and processes used by management to guide and
monitor organizational activities.

28. Business Recovery: Strategies and actions taken to restore and improve the financial health
of a struggling business.

29. Dispute Analysis and Investigation: Examination of conflicts or disputes within an

organization to identify causes and potential resolutions.

30. Forensic Accounting: The application of accounting principles to investigate and uncover
financial irregularities, often in legal contexts.
31. Fraud Audit: An examination specifically focused on detecting and preventing fraudulent
activities within an organization.

32. Governance: The system of rules, practices, and processes by which an organization is
directed and controlled.

33. Corporate Governance: The framework of rules and practices by which a company is
directed and controlled at the highest level.

34. Code of Ethics: A set of principles and guidelines outlining acceptable behaviors and
standards within an organization.

35. Business Continuity Planning: The process of developing strategies to ensure an

organization can continue its essential functions during and after a disaster or disruption.

36. Risk Assessment: The identification and evaluation of potential risks to an organization's
objectives.

37. Internal Control: Measures implemented to safeguard assets, ensure accurate financial
reporting, and promote operational efficiency.

38. Internal Audit: A systematic evaluation of an organization's internal controls, processes, and
financial reporting conducted by internal auditors.

39. Bribery: Offering, giving, receiving, or soliciting something of value to influence the actions of
an official or other person.

40. Conflict of Interest: A situation where an individual's personal interests or relationships may
influence their professional judgment.

41. Corporate Integrity: The adherence to ethical principles and moral values in the conduct of
corporate activities.

42. Visioning: The process of developing and communicating a compelling vision for the future
of an organization.

43. Tactics: Specific actions or methods employed to achieve short-term goals within a broader
strategy.

44. Strategic Planning Process: The systematic approach to defining an organization's strategy,
involving analysis, decision-making, and implementation.
45. COSO Framework (Committee of Sponsoring Organizations of the Treadway Commission):
A framework developed by the COSO to provide guidance on internal control, enterprise risk
management, and fraud deterrence.

46. Components of COSO: The COSO Framework includes five interrelated components:
Control Environment, Risk Assessment, Control Activities, Information and Communication, and
Monitoring Activities.

47. SOX (Sarbanes-Oxley Act): Legislation passed in response to corporate accounting

scandals, requiring enhanced financial reporting and internal control measures for publicly
traded companies in the United States.

48. Employee Fraud: Deceptive activities carried out by employees with the intent to gain an
advantage at the expense of the employer.

49. Management Fraud: Deceptive activities conducted by individuals in managerial positions

within an organization.

50. Internal Auditing: A systematic and independent examination of an organization's activities

to ensure compliance, evaluate controls, and provide management with insights for
improvement.

51. Accounting Information System: A system that collects, processes, and reports financial
information to support decision-making within an organization.

52. Financial Rehabilitation & Insolvency Act/FRIA: Legislation in the Philippines aimed at
addressing financial distress and insolvency, providing mechanisms for corporate rehabilitation.

53. 2013 Rules of Procedures on Corporate Rehabilitation [under the 2010 FRIA): Guidelines
specifying procedures for corporate rehabilitation in accordance with the Financial Rehabilitation
& Insolvency Act.

54. Big "G" (macro) governance: Refers to overarching governance principles that shape the
legal, regulatory, and societal frameworks influencing organizations.

55. Corporate or little "g" governance: Refers to internal mechanisms and practices within an
organization to ensure effective decision-making and accountability.

56. Risk Management: The identification, assessment, and prioritization of risks followed by
coordinated efforts to minimize, control, or mitigate their impact.

57. Management Succession: The process of planning and implementing the transition of
leadership within an organization.
58. Corruption: Dishonest or unethical conduct, often involving the abuse of power or position
for personal gain.

59. Economic Cycles: The recurring patterns of expansion and contraction in economic activity,
including periods of growth and recession.

60. ENRON scandal & Bankruptcy: Infamous corporate scandal involving accounting fraud and
financial mismanagement that led to the bankruptcy of the Enron Corporation.

61. Compliance: Adherence to laws, regulations, and internal policies to ensure ethical and legal
conduct within an organization.

62. Compliance Management System: Systematic processes and tools to manage and monitor
an organization's compliance with laws and regulations.

63. Rigid Compliance Approach: A strict and inflexible approach to compliance that may not
consider the specific context or goals of an organization.

64. Assurance Providers: Entities or professionals that offer independent assessments,

opinions, or assurances on various aspects of an organization.

65. Business Continuity Plan: A comprehensive strategy outlining procedures and resources to
ensure an organization can continue its critical functions in the face of disruptions.

66. Governance according to IFAC: Governance principles outlined by the International

Federation of Accountants, emphasizing transparency, accountability, and ethical behavior.

67. Corporate Governance according to the Phil. SEC: Corporate governance principles set by
the Philippine Securities and Exchange Commission to guide companies in ensuring
accountability and protection of shareholders' interests.

68. Corporate Governance according to the International/European community definition:

Governance principles recognized at the international or European level, emphasizing
transparency, accountability, and shareholder rights.

69. Corporate Governance defined under the Fraud Deterrence Cycle perspective: Governance
principles viewed in the context of deterring fraud, ensuring effective controls and ethical
behavior.

70. Enterprise Risk Management (ERM): A holistic approach to identifying, assessing, and
managing risks across an entire organization.

71. Recommended Competences of Internal Auditors: The skills and knowledge areas that
internal auditors are advised to possess for effective performance.
72. The 2015 G20 OECD Principles of CG: Corporate governance principles endorsed by the
G20 and OECD to guide policy development and implementation globally.

73. The Board of Directors: A group of individuals elected by shareholders to oversee the
management and strategic direction of a company.

74. Risk Committee: A subcommittee of the board of directors responsible for overseeing risk
management processes and strategies within an organization.

75. Rules-based Code of Ethics: A code of ethics that provides specific rules and guidelines for
ethical behavior, leaving less room for interpretation.

76. Values-based Codes of Ethics: Ethical codes that emphasize overarching values and
principles to guide ethical decision-making rather than specific rules.

77. Regulatory Compliance/Statutory Obligations: Adherence to laws and regulations imposed

by authorities, ensuring that an organization operates within legal boundaries.

78. Chief Financial Officer (CFO): A senior executive responsible for managing the financial
actions and strategies of a company.

79. Corporate Governance Charter: A document outlining the structure, roles, and
responsibilities of a company's governance framework.

80. Stewardship: The responsible and ethical management of resources, with a focus on
long-term sustainability and value creation.

81. Risk: The potential for an event to have a negative impact on an organization's objectives.

82. The Four (4) Overarching Principles in CG: Commonly refers to principles in Corporate
Governance, which often include accountability, fairness, transparency, and responsibility.

83. Chief Executive Officer (CEO): The highest-ranking executive responsible for making major
corporate decisions and overseeing the company's operations.

84. Ethics of Accounting: The ethical principles and standards that guide the conduct of
accounting professionals.

85. Policies and Procedures: Formalized guidelines and rules established by an organization to
regulate its operations and behavior.

86. Internal Audit: A systematic and independent examination of an organization's activities to

ensure compliance, evaluate controls, and provide insights for improvement.
87. Compliance Process: The set of actions and procedures undertaken to ensure adherence to
laws, regulations, and internal policies.

88. Business Ethics: Principles and standards that guide ethical behavior in the business
environment.

89. Forensic: Pertaining to the application of scientific methods and techniques to investigate
and analyze legal issues.

90. Integrity: Adherence to moral and ethical principles, honesty, and soundness of character.

91. Flexible Compliance Approach: An adaptable approach to compliance that considers the
specific context and goals of an organization.

92. Economic Extortion: Coercive practices involving the threat of harm or loss to gain financial
advantage.

93. Bribery: Offering, giving, receiving, or soliciting something of value to influence the actions of
an official or other person.

94. Board Balance Scorecard: A strategic performance measurement tool to assess an

organization's performance in various areas.

95. Integrity in Accounting: Upholding honesty and ethical behavior in financial reporting and
accounting practices.

96. Oversight: Supervision, monitoring, and review of an organization's activities to ensure

compliance and ethical conduct.

97. Financial Reporting Process: The steps involved in preparing and presenting an
organization's financial information to stakeholders.

98. Fraud Audit: An examination specifically focused on detecting and preventing fraudulent
activities within an organization.

99. Separation of Chair and CEO: The division of roles between the chairperson of the board
and the chief executive officer to enhance corporate governance.

100. Fiduciary Duty of Care: The legal and ethical obligation of individuals in positions of trust to
act with diligence and care in their responsibilities.

101. Ethical Obligations in Accounting: The moral duties and responsibilities that accounting
professionals have to uphold ethical standards.
102. Risk Management Process: The systematic approach to identifying, assessing, and
managing risks within an organization.

103. Corporate Risk Management: The strategies and processes implemented to identify and
address risks that may impact an entire organization.

104. Operating Process: The series of coordinated activities and procedures that contribute to
the production of goods or services within an organization.

105. Forensic CPAs: Certified Public Accountants with expertise in forensic accounting,
specializing in investigating financial irregularities.

106. Management: The individuals responsible for directing and overseeing the activities and
resources of an organization.

107. Forensic Accountants: Professionals who use accounting and investigative skills to
examine financial records in legal or dispute contexts.

108. Confidentiality: The duty to protect sensitive information and keep it private, especially in
professional settings.

109. Professional Behavior: Conducting oneself in a manner consistent with ethical and
professional standards.

110. Fraud Triangle: A model explaining the three elements—opportunity, pressure, and
rationalization—that contribute to the occurrence of fraud.

111. Business Continuity Plan: A comprehensive strategy outlining procedures and resources to
ensure an organization can continue its critical functions in the face of disruptions.

112. Three-Tier Security Checks: A security system involving three levels of scrutiny or
verification to control access to sensitive information or areas.

113. Corporate Integrity: The adherence to ethical principles and moral values in the conduct of
corporate activities.

114. Professional Competence and Due Care: The obligation of professionals to possess the
necessary skills and knowledge and to exercise diligence in performing their duties.

115. Corporate Development Officer (CDO): A senior executive responsible for identifying and
implementing strategic initiatives to drive the growth and development of a company.
116. Corporate Information Officer (CIO): A top-level executive responsible for overseeing the
information technology strategy and systems within an organization.

117. Chief Risk Officer (CRO): An executive responsible for identifying, assessing, and
managing risks across an organization.

118. Functions/Responsibilities of the CRO: Include risk identification, risk assessment, risk
mitigation, and ensuring compliance with risk management policies.

119. Functions/Responsibilities of the CDO: Typically involve strategic planning, mergers and
acquisitions, partnerships, and other activities focused on the company's growth and
development.

120. Functions/Responsibilities of the CFO: Chief Financial Officer responsibilities include

managing financial activities, reporting, budgeting, and strategic financial planning.

121. Chief Internal Auditor (CIA): A senior professional responsible for leading and coordinating
internal audit activities within an organization.

122. Functions/Responsibilities of the CIA: Include assessing internal controls, evaluating

financial reporting, and providing independent assurance to management and the board.

123. Chief Compliance Officer (CCO): An executive responsible for overseeing and ensuring
compliance with laws, regulations, and internal policies.

124. Functions/Responsibilities of the CCO: Involve creating and implementing compliance

programs, conducting risk assessments, and addressing regulatory issues.

125. Chief Governance Officer (CGO): A role focused on ensuring that the organization
operates in accordance with established governance principles and standards.

126. Responsibilities of the CGO: Typically include managing governance structures, facilitating
communication between stakeholders, and ensuring adherence to governance policies.

127. The Bernie Madoff Case: A notorious case involving a massive Ponzi scheme orchestrated
by Bernie Madoff, leading to significant financial losses for investors.

128. Ponzi Scheme: A fraudulent investment scheme where returns to existing investors are
paid with funds from new investors rather than from profit.

129. WorldCom Accounting Scandal: A major accounting scandal involving the manipulation of
financial statements at WorldCom, one of the largest telecommunications companies.
130. Three Key Elements of Integrity: Typically include honesty, sincerity, and adherence to
ethical principles in personal and professional conduct.

131. Ethical Obligations: The moral duties and responsibilities individuals or organizations have
to act in an honest, fair, and responsible manner.

132. Code of Ethics in Auditing: A set of principles and guidelines that auditors adhere to,
emphasizing integrity, objectivity, confidentiality, and professional behavior.

133. Audit Committee Responsibilities: Oversight of financial reporting, internal controls,

external auditors, and ensuring compliance with laws and regulations.

134. Purposes/Intent of Internal Control: To provide reasonable assurance regarding the

achievement of objectives in the areas of effectiveness and efficiency of operations, reliability of
financial reporting, and compliance with applicable laws and regulations.

135. Integrity, Accountability, and Fraud (Internal Control Mechanisms in CG): Internal control
mechanisms aimed at promoting integrity and accountability while preventing and detecting
fraud within corporate governance.

136. Duties of an Internal Auditor: Include assessing internal controls, evaluating risk
management processes, and providing independent and objective assurance to improve
organizational effectiveness.

137. Determinants of Effective Internal Audit System: Factors influencing the effectiveness of an
internal audit function, such as independence, competence, and scope.

138. Objective Areas of COSO (Operations, Reporting, & Compliance): COSO's framework
outlines three main objectives – operations, reporting, and compliance – that internal controls
aim to achieve.

139. SOX Compliance and Security Controls: Compliance with the Sarbanes-Oxley Act, which
includes implementing security controls to protect financial information and ensure its accuracy.

140. Fraud Audit: An examination specifically focused on detecting and preventing fraudulent
activities within an organization.

141. Fraud Investigation: A process involving the systematic examination of evidence to

uncover and understand fraudulent activities.

142. Standing Plans: Ongoing plans designed to provide guidance for routine activities in an
organization.
143. Single-Use Plans: Plans developed for a specific project or event with a defined timeline
and purpose.

144. Strategic Planning: The process of defining an organization's strategy and making
decisions on allocating its resources to achieve its goals.

145. Strategic Planning Process: The systematic approach to developing and implementing an
organization's strategy, involving analysis, decision-making, and execution.

146. Phases of BCP (Business Continuity Planning): Typically include risk assessment,
business impact analysis, plan development, testing, and maintenance.

147. Direct Responsibilities of Management: Include decision-making, planning, organizing,

leading, and controlling organizational activities.

148. Indirect Responsibilities of Management: Include creating a positive organizational culture,

fostering communication, and promoting ethical behavior.

149. Three Vital Internal Compliance Instruments: Policies, procedures, and monitoring
mechanisms that organizations use to ensure adherence to laws and regulations.

150. Planning, Organizing, Staffing, Leading & Control: The five functions of management,
involving setting objectives, organizing resources, staffing, leading people, and controlling
activities to achieve organizational goals.

151. People, Performance, Process & Process (4Ps of CG): These represent key aspects of
Corporate Governance (CG), emphasizing the importance of focusing on people, performance,
and processes in the governance framework.

152. Five Functions of Governance: Generally encompass strategy, risk oversight, performance
monitoring, compliance, and ensuring stakeholder accountability.

153. Dilemmas in the Accounting Profession: Ethical challenges or conflicts faced by

professionals in the accounting field, often involving conflicting responsibilities or interests.

154. External Audit: An independent examination of financial statements and related disclosures
conducted by external auditors to provide an opinion on their fairness and compliance with
accounting standards.

155. Operational Audit: A review of an organization's operational processes and systems to

assess efficiency, effectiveness, and adherence to policies.

156. Financial Audit: An examination of financial statements and accounting records to ensure
accuracy, completeness, and compliance with accounting standards.
157. Compliance Audit: An assessment of an organization's adherence to laws, regulations, and
internal policies.

158. Management Audit: An evaluation of management practices, policies, and procedures to

assess their effectiveness in achieving organizational objectives.

159. Investigative Audit: An in-depth examination of financial or operational irregularities, often

conducted to uncover fraud or misconduct.

160. KPIs (Key Performance Indicators): Quantifiable measures used to evaluate the
performance and success of an organization in achieving its objectives.

161. KRAs (Key Result Areas): Specific areas or functions critical to the success of an individual
or an organization, typically used in performance management.

162. Mark-to-Market Accounting Method: A valuation method that reflects the current market
value of an asset or liability on a financial statement.

163. Corporate Raiding: The aggressive takeover of a company, often involving hostile tactics to
gain control and restructure its operations.

164. Corporate and Criminal Fraud Accountability: Legal provisions aimed at holding
corporations and individuals accountable for fraudulent activities.

165. Executive Director: A director who is also an executive officer with management
responsibilities in addition to board duties.

166. Non-Executive Director: A director who does not hold a management position within the
company but serves on the board.

167. Independent Director: A director who is free from any relationship that could interfere with
their ability to exercise independent judgment.

168. Articles of Incorporation: A legal document that establishes a corporation and defines its
structure, purpose, and key operating details.

169. By-Laws: Rules and regulations adopted by a corporation to govern its internal affairs and
the conduct of its business.

170. Board Resolution: A formal decision or action taken by the board of directors during a
board meeting, typically recorded in a written document.