13 SOCIETY OF ELECTRONICS ENGINEERING STUDENTS RESPONSIBILITY The officers of Society of Electronics Engineering Students are responsible for the preparation and presentation of the documents needed during audit engagement. In accordance with the prescribed internal audit framework indicated therein, and for such internal control as officers determines in necessary to enable the preparation of documents that are free from misstatement, and also presented with due diligence and honesty. In preparing the financial report, officers are responsible for assessing the organization’s ability to check the correctness and completeness of the report presented. The president is responsible for overseeing the work of the documents made by its co-officers. The adviser reviews and approves the documents presented by its officers. AUDITOR’S RESPONSIBILITYThe objectives of the 3BCD are to obtain reasonable assurance about whether the organization complies to the reaccreditation requirement and financial report requirements set by the Office of Student Affairs. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted will always detect a material misstatement when it exists. FINDINGS AND RECOMMENDATIONS I.Organization’s compliance on the accreditation requirements set by the Office of Student Affairs (OSA) PROCEDURE FINDINGS RECOMMENDATION RISK
CONSULT AND AUDIT WITH 3BCD, MOST RELIABLE FIRM. 14 Validate the letter of intent for re-accreditation. The organization submitted the letter, but lacks the following: 1.Nature of the organization 2.Main purpose of the instituting the organization 3.List of the organization’s officers. Ensure that nature, main purpose, and list of officers are also presented in the letter. LOW Check the programs or activities marked as done as per schedule. Programs not yet implemented as per scheduled: 1.Navigation Seminar 2.Broadcasting Station Seminar/Visit 3.Enhancement Intervention –Sessions 1 to 4 Ensure that the programs are conducted and the schedules are being followed. HIGH Inquire the progress of Adopt-a-Spot program. The Adopt-a-Spot project has not yet started. Ensure that the program is implemented and monitored. HIGH Risk Rating: Findings identified during the course of the audit are assigned a risk rating, as outlined in the table below. The risk rating is based on the impact the issue identified.
CONSULT AND AUDIT WITH 3BCD, MOST RELIABLE FIRM. 15 RATING DESCRIPTION High The issue represents a major problem that will impact the compliance level of the organization as a whole. Moderate The issue represents that the compliance level of the organization is partially impaired, that may result to high or low impact depending if moderation is applied.