Monday, October 23, 2017

Focus & Features:

The value that an internal audit activity brings to the organization largely resides in the controls evaluation and recommendations coming out from the engagements. As such, having a structured audit and engagement rating system with clear evaluation standards will enable internal audit teams to consistently assess controls across business processes and organizations. This provides for meaningful comparison and analysis of audit ratings which in turn would facilitate a better understanding of the state of controls for the whole organization.

What You Will Learn

Audit Rating System Overview

International Standards for the Professional Practice of Internal Auditing- Applicable Standards

Internal Audit Opinions Overview

  • Macro Opinion
  • Micro Opinion

Expressing Internal Audit Opinions

  • Types of Opinions
  • Positive Opinion
  • Qualified Opinion
  • Negative and Informal Opinion
  • Reliance on the Work of Others When Supporting an Opinion
  • Guidance from Regulators and Other Standard Setters
  • Other Legal Considerations

Importance of Audit Rating System in Internal Audit Opinions

Need for a Formal Issue and Engagement Rating System

Audit Rating System Objectives

Auditor Judgment in Using Audit Rating Systems

  • Use of Assessment Rating as part of Organization Audit History

Use of Grades in Expressing an Opinion

Audit Rating System Methodology

  • Materiality
  • Impact

Audit Rating System Elements

  • Issue Rating
  • Engagement Assessment

Establishment of Criteria

  • Issue Rating

o Issue Identification o Issue Prioritization o Issue Condition

o Sample Issue Prioritization Classifications

  • Engagement Assessment

o  Overall Process Risk Evaluation Criteria

  • Possible Engagement Ratings
  • Establishing the Risk Evaluation Criteria
  • Risk Evaluation Criteria
  • Rating Scales Development
        • Rating Scale Criteria
        • Sample Rating Scales

Assessment Communication and Alignment Process

  • Capturing Risk Themes in the Overall Assessment
  • Establishing the Rating Decision – Making Process
  • Writing the Overall Assessment
  • Communicating Assessment Criteria to Engagement Clients

Special Topics

  • Rating Systems Across Engagement Types
  • Rating Assessment Consistency

Case Studies and Exercises


Who Should Attend

The seminar is ideal for audit staff, supervisors and managers as well as engagement clients who do not perform audit but hold stewardship responsibilities.

Facilitator:  Ms. Ila Kyra Santos – Valenzuela, CIA

                      Senior Finance Manager

                      FMGC and Pharma Industry


Schedule: 23 September 2017

Time: 8:30am – 5: 00 pm

Venue:  St. Giles Hotel, Makati Ave., Makati City


Seminar Investment: 

Member’s Rate: Php4,500

Non-Member’s Rate: Php6,000

No. of CPE Credits : 9*

* IIA Certifications

*BOA Accredited CPD Provider


Seminar Inclusions:

  • Seminar Kit
  • Certificate of Participation
  • AM & PM Snack, Buffet Lunch


How to Enroll:

  •  email at or fax to 325.0414
  • call us at 238-8888 loc 8962 and look for Sheena Malapitan or  Thei Mendoza
  • Click here to register online