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International Journal of Advanced Engineering, Management and Science


The Relevance of Monitoring Outstanding Audit Issues and Findings in the Development Bank of the Philippines

( Vol-9,Issue-12,December 2023 )

Author(s): Clariza M. Aguinaldo, Tonee Rose D. Bautista, Mark-Jay C. Primo, Aileen Joy P. Tintero, Felipe E. Balaria



Total View : 111
Downloads : 18
Page No: 01-05
ijaems crossref doiDOI: 10.22161/ijaems.912.1

Keywords:

Automated Systems, Best Practices, Internal Controls, Monitoring Process, Outstanding Audit Findings

Abstract:

This research described the relevance of monitoring outstanding audit issues and findings in the Development Bank of the Philippines. It identified several factors contributing to these issues based on responses from participants. First, the study revealed that the presence of dependencies with other units or external parties is the primary factor leading to unresolved audit issues. Second, change management and personnel issues were also found to be substantial contributors. Organizational culture, while noteworthy, ranked third among the factors. Interestingly, the research found that the current monitoring process using the audit management system is generally satisfactory, with an average rating of 8, indicating overall contentment among respondents. Finally, the study investigated effective mechanisms for tracking the progress of resolving audit findings. Periodic progress reports and updates emerged as the most favored approach, followed by escalation processes and automated notifications. These findings provide valuable insights into the factors contributing to unresolved audit issues and suggest practical strategies for improving the audit resolution process.

Article Info:

Received: 15 Oct 2023; Received in revised form: 25 Nov 2023; Accepted: 04 Dec 2023; Available online: 12 Dec 2023

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