Internal Auditors

sethcabrera786

Good day po!

I was an internal auditor for 1.5 yrs. After my short stint sa IA, I am now working as State Auditor po sa Commission on Audit dito sa Pinas for 3yrs already.

I would like to apply po sana as IA, being the nominated skill. However, I am wary na baka hindi maconsider yung experience ko as State Auditor na relevant sa IA, kasi state auditing is external in nature.

Here's my plan po kasi sana: Magapply as IA once I reach 5 yrs exp, at magobtain ng CIA Certification (which brings me to another question na if the CIA Certification will gain additional points for me in my PR application); kasi otherwise, if hindi din naman makaka-add yung CIA certification, might as well EXTERNAL AUDITOR nalang yung a-aplayan ko.

I hope anyone can enlighten me on the matters I have raised po.

Many Thanks and Godbless!

vhoythoy

sethcabrera786 said:

Good day po!

I was an internal auditor for 1.5 yrs. After my short stint sa IA, I am now working as State Auditor po sa Commission on Audit dito sa Pinas for 3yrs already.

I would like to apply po sana as IA, being the nominated skill. However, I am wary na baka hindi maconsider yung experience ko as State Auditor na relevant sa IA, kasi state auditing is external in nature.

Here's my plan po kasi sana: Magapply as IA once I reach 5 yrs exp, at magobtain ng CIA Certification (which brings me to another question na if the CIA Certification will gain additional points for me in my PR application); kasi otherwise, if hindi din naman makaka-add yung CIA certification, might as well EXTERNAL AUDITOR nalang yung a-aplayan ko.

I hope anyone can enlighten me on the matters I have raised po.

Many Thanks and Godbless!

I don't think CIA certification can add any points, but probably helps to some degree in persuading the CO to approve your application (I'm also CIA, CISA, and CFE). I also applied via IA route, and included my external audit experience as well (got PTA sa vetassess para mas confident ako), and everything was considered. External audit is related to IA, during my time (2013). Ang main concern mo ngaun ung additional points for approval sa IA (parang 75 points na ata, double check) and medyo mahigpit ngayun compared dati (60 points 4 yrs ago is na iinvite pa rin). But hopefully maging maluwag ulit in the future. Basta continue ka lang sa plans mo. If worst come to worst, you can consider Canada or NZ as well.

RheaMARN1171933

@sethcabrera786 all you need is for your degree to be assessed as equivalent to an AQF degree and at least 3 years skilled work experience to claim points. CIA has no bearing with regards to points.

batman

@vhoythoy kumusta!

sethcabrera786

@vhoythoy thank you po.more than the very valuable inputs, I appreciate ur encouragement..and yes I am looking at canada din po as another prospect. Parang ang stiff ng competition as IA sa aus. The max that I cud get is 70pts wd my 3yrs exp na audit related

sethcabrera786

@RheaMARN1171933 thank you po

Butterfly8i8

Hi guys.. i just want to know if my nareject na dito sa IA vetassess due to lack of course syllabus coz natapon ko na. What I have however is the generic course descriptions for BS Accountancy courseI got from my school website. Would this be enough together with my college diploma and TOR?

Examples:
---------------------------------------
The Bachelor of Science in Accountancy (BSA) program principally aims to prepare you for a career in the field of accountancy and finance and for the Licensure Examination for the Certified Public Accountants (CPA).

Total Program Units: 257 units
General Education: 74
Major Courses: 166
Standard Completion Time: 5 years
Accreditation: Commission on Higher Education


Major Courses (subjects)
Financial Accounting and Reporting
This course introduces the nature, functions, scope, and limitations of the broad field of accounting theory. It deals with the study of the theoretical accounting framework objectives of financial statements, standard setting process for accounting practice, national as well as international accounting standards relating to the preparation and presentation of financial statements, the conditions under which they may be appropriately applied, their impact or effect on the financial statements; and the criticisms commonly leveled against them. The course covers the detailed discussion, appreciation, and application of accounting principles covering the assets, financial and nonfinancial.

Cost Accounting and Cost Management
This course is designed to orient the students to the cost accounting and cost management framework of a business. Topics discussed are: overview of cost accounting; manufacturing cost accounting cycle; job order cost system; accounting, planning, and control for materials, labor, and factory overhead; and environmental cost management.

Advanced Financial Accounting and Reporting 1
This course is a continuation of Advanced Financial Accounting and Reporting 1. It deals mainly with consolidation and mergers, parent-subsidiary relationships, and consolidated statements, including foreign subsidiaries. The other topics deal with accounting for the effects of changes in foreign exchange rates and other similar current issues. Also discussed are debt restructuring, accounting for financially distressed corporations, accounting for the winding up of an enterprise and accounting variations among countries.

Accounting for Governmental, Not-for-Profit Entities and Specialized Industries
This course is designed to expose students both to the demand for and the supply of the profession’s flagship service – financial statement audits – and to the nature of the value added assurance services which decision-makers demand in the information age. It also cover assurance standards and attestation and auditing standards; public sector regulation of accounting practice and legal liability; the framework of financial statements auditing: risk-based approach as audit methodology; audit evaluation and planning, including the concept of risk and materiality; assessing internal controls, and tests of controls including internal controls in computer-based business systems; performance of an audit; evidence collection, analysis, and substantive tests; reporting: reports on assurance services, attestation services, and financial statement audits; and completing the audit including communications with board of directors and management concerning internal control weaknesses. Also discussed in detail are the basic professional values and the Code of Ethics for Professional Accountants and SEC’s Code of Corporate Governance.

Assurance Principles, Professional Ethics and Good Governance
This course is designed to expose students both to the demand for and the supply of the profession’s flagship service – financial statement audits – and to the nature of the value added assurance services which decision-makers demand in the information age. It also cover assurance standards and attestation and auditing standards; public sector regulation of accounting practice and legal liability; the framework of financial statements auditing: risk-based approach as audit methodology; audit evaluation and planning, including the concept of risk and materiality; assessing internal controls, and tests of controls including internal controls in computer-based business systems; performance of an audit; evidence collection, analysis, and substantive tests; reporting: reports on assurance services, attestation services, and financial statement audits; and completing the audit including communications with board of directors and management concerning internal control weaknesses. Also discussed in detail are the basic professional values and the Code of Ethics for Professional Accountants and SEC’s Code of Corporate Governance.

Applied Auditing
This course is a continuation of Assurance Principles, Professional Ethics and Good Governance, focusing on financial statements audit. It covers detailed approaches to problems and situations normally encountered in the independent examination of cash, receivables, inventories, investments, prepaid expenses, deferred charges, property, plant and equipment, intangibles, liabilities, owners’ equity, and revenue and expenses. It deals specifically with the application of auditing standards, techniques, and procedures; internal control evaluation; preparation of audit working papers; introduction of computer application in auditing; audit adjustments; and audit reports pertaining to a medium-sized manufacturing or trading concern. The determination of audit objectives and audit programs, evaluation of internal control, and determination of substantive procedures as applied to various accounts are better appreciated as the transaction cycle approach is employed in the course. Audit working papers and audited financial statements are the natural outputs of this course leading to the preparation of audit reports.

Management Consultancy
This is an integrative course that covers basic considerations of management consultancy engagements by CPAs; areas of management consultancy, professional attributes of management standards, and ethical considerations. It also covers project feasibility aspects of project development cycle, economic aspect, technical aspect, financial aspect (investment cost, financing, and evaluation): information system (IS) engagement, management/operations audits, and business process improvement/re-engineering.

Business Law
This course enhances the students’ knowledge of the laws relating to obligations and contracts, business associations, and negotiable instruments, particularly as it relate to accounting and auditing situations. The students should know and understand the pertinent legal provisions, general principles, concepts, and underlying philosophy of the law.

Taxation
This course enhances the students of the conceptual knowledge and proficiency in the practical application of the basic principles of taxation as they relate to accounting practice. The emphasis is on the application of the theory and


.....
Refer to: https://www.mc.edu.ph/accountancy

dyanisabelle

@Butterfly8i8 hi, I did not send a course syllabus for my Vetassess application. Just the TOR and diploma.

Butterfly8i8

@dyanisabelle thank you so much for the response.

Butterfly8i8

@sethcabrera786 don’tlose hope yet

Based on my research, CIA will help in positive assessment in Vetasses coz it shows one’s comptency and knowledge of IA role. I believe this will also help solidify your years of experience coZ a two years relevant experience is required prior to granting of CIA designation.

Butterfly8i8

Another, did you guys pay for courier and hard copy of Vetassess results? Im planning to get the hardcopy but I want also to check the practicality and mahal kasi ng peso conversion. Hehe. Thanks in advance. I really appreciate the responses

dyanisabelle

@Butterfly8i8 for what yung hardcopy? Di na ako kumuha kasi nun eh hehe

Butterfly8i8

@dyanisabelle that’s what I wanted I actually wanted to know if there’s a need down the line.

misterV

sethcabrera786 said:

Good day po!

I was an internal auditor for 1.5 yrs. After my short stint sa IA, I am now working as State Auditor po sa Commission on Audit dito sa Pinas for 3yrs already.

I would like to apply po sana as IA, being the nominated skill. However, I am wary na baka hindi maconsider yung experience ko as State Auditor na relevant sa IA, kasi state auditing is external in nature.

Here's my plan po kasi sana: Magapply as IA once I reach 5 yrs exp, at magobtain ng CIA Certification (which brings me to another question na if the CIA Certification will gain additional points for me in my PR application); kasi otherwise, if hindi din naman makaka-add yung CIA certification, might as well EXTERNAL AUDITOR nalang yung a-aplayan ko.

I hope anyone can enlighten me on the matters I have raised po.

Many Thanks and Godbless!

@Butterfly8i8 Hi @vincechaos, baka matulungan mo bro. Parang same scenario kayo.

vincechaos

sethcabrera786 said:

Good day po!

I was an internal auditor for 1.5 yrs. After my short stint sa IA, I am now working as State Auditor po sa Commission on Audit dito sa Pinas for 3yrs already.

I would like to apply po sana as IA, being the nominated skill. However, I am wary na baka hindi maconsider yung experience ko as State Auditor na relevant sa IA, kasi state auditing is external in nature.

Here's my plan po kasi sana: Magapply as IA once I reach 5 yrs exp, at magobtain ng CIA Certification (which brings me to another question na if the CIA Certification will gain additional points for me in my PR application); kasi otherwise, if hindi din naman makaka-add yung CIA certification, might as well EXTERNAL AUDITOR nalang yung a-aplayan ko.

I hope anyone can enlighten me on the matters I have raised po.

Many Thanks and Godbless!

I would suggest that you apply directly for External Auditor. Actually, I was also an Internal Auditor for 2 years and I am currently an auditor in a government agency for 6 years. Initially, I applied for Internal Auditor thinking that I will get a positive assessment for 8 years which includes my current experience. However, I got a negative assessment for my role as an auditor in the government agency as VETASSESS doesn't consider my 6 years as Internal Audit Experience. As a result, I shifted to External Auditor with only 6 years experience for 10 pts. At first, even CPAA gave me a negative assessment saying that my experience for the six years is related to Internal Auditor (Hahahaha!). Then, I filed for re-assessment, and eventually my 6 years experience was given a positive assessment. What I shared are only based on my experience, you may have a different experience on this matter. God bless on ur assessment

sethcabrera786

Thank you po @Butterfly8i8 @misterV .. Sir @vincechaos , nag.pm po ako maraming salamat din po

batman

@sethcabrera786 agree with them, good luck sa process.

Butterfly8i8

Guys.. nagpass na ako ng skills assessment for Vetasses. Now, I will have to wait for results. Crossing fingers. While waiting, I’ll do some IELTs test taking practice. Thank you for all the support provided.

Butterfly8i8

Guys.. may tanong ako. Goal ko pa rin kasi mag internal auditor and plan ko mag Big 4. Ask ko lang, what it is like upon onboarding. May learning and training ba lagi just like sa mga Big 4 dito sa atin? Do hires come in batches? And, curious lang kasi ako if the expectation for standard and quality of work here in PH and AU are typically same. Excited na ako mag work. Hahaha kahit wala pa visa.

Butterfly8i8

Btw, mga Sirs.. where do you guys work as IA, big 4 or private company?

sethcabrera786

Hi po. My query is re: External Auditor Assessment.

Sa Transcript of Records po ba kailangan ba specific yung purpose ng request ng TOR na i-iscan? I got an orig. transcript but the REMARKS nito is for BOARD EXAM PURPOSES ONLY.
I wonder if strict ba ang CPAA regarding this one..medyo mahal din kasi to request for another copy for another specific purpose. I hope someone who may have previous experience can help me po.

Sorry not IA-related yung query. DIY hopeful here. Thanks

sethcabrera786

@ellaine mam may PM po ako

jenny038

@sethcabrera786 Hi, i had my assessment at CPAA and submitted TOR na may notation din sa ilalim, tinanggap naman nila. EA din ako.

sethcabrera786

Hello po..about naman sa syllabus na ni-rerequire ng CPAA. do we have to provide descriptions of ALL SUBJECTS taken under BSA Program? or yun lang related sa mandatory courses ng CPAA na-aligned sa syllabus na ti-nake? Thannnkkk youuu

Butterfly8i8

@misterV hey, guys! Thanks sa mga tips! I got positive results na from Vetasses.
Got it after a month lang from submission. From my almost 7 years experience, they deducted 1 year, i got 5.9 years which is good enough for 10 visa points. I got the maximum attainable points from my work experience. Yey!

To others going through VEtasses process.. If there’s a tip i learned from processing mine, in addition to COE, I also submitted my company’s Internal audit charter to support the
definition of my current role as IA and support the organizational independence of my Department. I’ve read somewhere that it is common that many got negative Vetassess results because they failed to prove their audit role as third line of defense. Hope this helps.

patrickcpacia

HI.

Anyone here still waiting to be invited? I lodged my EOI 190 and 189 Nov 2017 and still waiting for an invite. I hope the states nominate again soon.

dyanisabelle

@patrickcpacia hi, ilang points po kayo?

patrickcpacia

@dyanisabelle 70 points for 189 and 75 for 190. It says naman sa SkillSelect ko Submitted. Not sure why it's taking so long...

patrickcpacia

@dyanisabelle Do you think I should create another EOI to be sure?

agentKams

@patrickcpacia you might want to check the last invitation round last 6th June, points required to be invited on your occupation is 80. https://www.homeaffairs.gov.au/WorkinginAustralia/Pages/6-june-2018-invitation-round.aspx