To increase awareness and appreciation of participants on governance, risk management control and internal audit, Peace and Equity Foundation, Inc (PEF) conducted an Intenal Audit Peer Learning Event with the theme “Embracing Risk, Governance Control and Internal Audit” last May 29, 2015 held at PEF Board Room as an organization’s celebration for the Internal Audit Awareness Month.
G. Pagaspas Partners & Co., CPAs’ (GPP CPAs) team joined the celebration together with the other partner internal auditors of the foundation in strengthening the knowledge about internal audit through sharing of different practices. Ms. Babylyn Damagon, CPA (Audit Supervisor) & Ms. Bernadette Tejada, CPA (Audit In-charge) both are audit core team member of GPP CPAs represented the firm during the event.
Speakers who are internal auditors from various industries were invited to share their organization’s internal audit controls, policies and procedures, current internal audit practices, risk management and control, performance measurements. They also discussed how these greatly helped the management reach their company’s goals and objectives and also how these improved their operational efficiency and productivity.
During the event, one of the main topics discussed was the pork barrel scam case against Janet Lim Napoles which is a result of weak internal audit control and governance wherein billion worth of funds are being embezzled and lost by the so-called stewards of funds both in government and private organizations.
As part of the lesson learned from this national issue, it would be our duty as professionals in the practice to do our fair share in responding and watching the irregularities in every organization that we are part of.
The Internal Audit Peer Learning Event (IAPLE) is an annual activity conducted by PEF as part of celebrating International Internal Audit Awareness Month held every last Friday of May. This is already the third year, PEF conducted this event. To know more about PEF, please visit their website at www.pef.ph.