DELASALLEUNIVERSITY

RAMON V. DEL ROSARIO COLLEGE OF BUSINESS

DEPARTMENT OF ACCOUNTANCY
MASTERS OF SCIENCE IN ACCOUNTING
(MSA) COURSE SYLLABUS

COURSE CODE: ACT622M

COURSE TITLE: Assurance and Auditing

Instructor : Dr. Jonathan P. Binaluyo

Contact details : jonathan.binaluyo@dlsu.edu.ph; Mobile No.: 0919-0098-197
Consultation Hours : Saturdays (13:00-15:00)
Term, AY : Term 1, AY 2021-2022
Class Schedule : Fridays (1800-2115)

Room/Recurring Zoom Link: ________________________________________

TYPE OF COURSE:

___ Service-learning Hybrid X Fully Online In-person

GENERAL COURSE DESCRIPTION

This course, ACT622M – Assurance and Auditing, is designed to provide students with the conceptual
knowledge and understanding of the fundamental framework, concepts, theory of assurance services and risk
management and reporting. This will enable students develop knowledge of the internal control systems and
risk management based on Committee on Sponsoring Organization (COSO) of Treadway Commission
framework. The knowledge acquired is expected to be used to provide sound decision making on attaining
business and organizational objectives.

SPECIFIC COURSE DESCRIPTION

The students will learn to analyze thoroughly the financial markets and understand the relevance of
various treasury products and services for the purpose of either investment, trading and hedging, with the
objective of managing risks and maximizing returns.

The students will be well versed on the mathematical concepts applied in treasury operations. Among
others,these include the time value of money, compounding and de-compounding interest rates, yield to
maturity, duration. On foreign exchange, students will be knowledgeable in calculating foreign exchange
bid/offer quotations, cross rates, forward rates, and swap points. The students will also have an
introduction on portfolio management and how to trade in financial markets, specifically in FX markets,
through the bourse (trading) game.
1
This course will be delivered fully online for A.Y. 2020-2021, Term 3. Students are expected to comply
withall the requirements and the submissions online through Animo Space.
COURSE LEARNING OUTCOMES (CLO)
On completion of the course, the student is expected to be able to do the following
ELGA PLO CLO
Critical and Propose new financial products and LO1: Explain treasury related financial
Creative models based on research that is concepts, theories and frameworks to manage
Thinkers applicable in the Philippine setting, risk and maximize return;
which is a must to address the
complexity of financial markets at LO2: Discuss financial market opportunities
and trends.
the global and domestic levels.
LO3: Apply the treasury related financial
Develop new financial products and concepts, theories, and frameworks to manage
instruments using innovative risk and maximize return on market
financial modelling, methods, and Opportunities and trends
techniques to solve business and
financial issues or problems.

Service- driven, Formulate recommendations that LO4: Recommend treasury products and
ethical, and are ethical based on the data and solutions to address investment and hedging
socially the assessed feedback from various needs while strictly adhering to ethical
responsible reliable sources. Standards on dealing activities
citizens
Design business and financial
strategies based on good
governance principles and ethical
standards.
Integrate relevant information to
arrive at financial strategies that
result to more socio-economically
sustainable businesses.

Effective Communicate effectively analysis LO5: Present market analysis/market moving

Communicators of strategic financial data and other news and the relevance of treasury products and
pertinent information services to create value.
with various stakeholders.

Reflective Show proficiency and competency LO6: Formulate a comprehensive Treasury

lifelong learner in continuously integrating new strategy of as elected company (case study) OR
information for creating participate in a bourse (trading) game
financial models, pricing
methodologies, and valuation
techniques using innovative
software/technology.

Implement proposed financial and

business solutions to solve
problems and issues identified.
2
FINAL COURSE OUTPUT AND GRADING SYSTEM:

As evidence of attaining the above learning outcomes, the student is required to do and submit the
following during the indicated dates of the term.
LEARNING OUTCOME REQUIRED OUTPUT DUE DATE
LO1: Understand the role of audit and risk Article Review Report / Wk 9
management and risk reporting in achieving Discussion Leader’s Report (ARR Wk14
organizational goals. / DLR) Wk 8
& 13
LO2: Assess the quality of accounting and Article Review Report / Wk14
internal control systems and appreciate the Discussion Leader’s Report
nature and roles of assurance engagement and (ARR / DLR)
internal auditing.
LO3: Understand the role of assurance in a Article Review Report / Discussion Wks1-5, 7-11,
global context. Leader’s Report (ARR / DLR) 13
LO6: Prepare a risk assessment analysis of a Article Review Report / Discussion Wk14
publicly traded company. Leader’s Report (ARR / DLR)

RUBRIC FOR ASSESSMENT

A. CASE STUDY SUBMISSION

CRITERIA EXEMPLAR SATISFACTORY DEVELOPING BEGINNING RATING

Y4 3 2 1
Quality of Complete Proper Proper Incomplete
documentation, Documentation of Documentation of documentation documentation
supporting Information which Information as Of information Of information.
Evidence and go beyond the Stated by the As stated by the Materials are
Use of requirements requirements. requirement. Not used in the
information provided. All Materials are used Not all materials Analysis of the
(30%) Materials are used To support the Are used to paper.
To support the Analysis of the Support the
Analysis of the paper. Analysis of the
paper. paper

Organization of All information and Information and Information and Organization

ideas topics are in logical topics are in topics are in not unclear;
(20%) order. All main logical order. consistently paragraph
ideas are some of the main organized. structure poor;
supported by well- ideas are some of the transitions
explained evidence supported by main ideas are poor; the
and analysis. explanation and supported by paper is hard
Connections analysis. Overall, explanation and To follow.
between the content and analysis. the
paragraphs and flow of the paper content and
ideas are clear. should be clear. flow of the
overall, the paper is not 3
content and flow that clear.
of the paper
should be clear.
Proper analysis, All problems are All problems are Majority of the Majority of the
computations, correctly solved solved with problems are problems are
And solutions and Minimal mistakes. solved. Not solved.
(30%) solutions/action Action
plans are clearly plans/solutions
presented. The Are presented.
above shows the Logic is used to
logic used to provide financial
provide financial solutions.
solutions.
Neatness of Proper spacing and Consistent use of Consistent use Inconsistent
Paper format indentation. spacing and of spacing and use of spacing
(10%) Proper use of indentation. Few indentation. No and
tables and graphs Tables and graphs. tables and indentation.
to make graphs.
the paper
reader-
friendly
Grammar No errors in Few errors in Many errors in Incorrect
(10%) grammar grammar grammar grammar all
throughout

4
 B. CASE STUDY PRESENTATION
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
4 3 2 1
Content and All information Information and Information and Organization
organization of and topics are in topics are in logical topics are in not unclear;
presentation logical order. All order. Some of the consistently paragraph
(15%) main ideas are main ideas are organized. Some structure poor;
supported by well- supported by of the main ideas transitions poor;
explained evidence explanation and are supported by the paper is hard
and analysis. analysis. Overall, explanation and to follow.
Connections the content and analysis. The
between flow of the paper content and flow
paragraphs and should be clear. of the paper is not
ideas are clear. that clear.
Overall, the
content and flow of
the paper should be
clear.
Language Correct use of Occasional lapse in Many incorrect Wrong grammar,
(15%) grammar, good grammar. use of grammar poor vocabulary,
command of and improper inappropriate
English, and choice of words word choice
appropriate word
Choice.
Pronunciation Correct utterance Occasional lapses Many lapses in Incorrect
(10%) of vowel and in correct utterance correct utterance utterance of
consonant sounds. of sounds of sounds vowels and
Clear and energetic consonants.
projection of Unclear or slurred
sounds. projection of
sounds.
Enunciation Precise articulation Occasional lapses Many lapses in Blurred or tense
(10) of words. Well- in distinct precise articulation of
adjusted rate of articulation of articulation of words. Varied
speaking. words words rate/speed of
Meaningful pauses talking. Choppy
are utilized. or has a lot of
unnecessary
Pauses

Voice Normal pitch. Occasional lapses Many lapses in Pitch is either too
(10%) Controlled/relaxed in terms of terms of high or too low.
breathing. Strong projecting the projecting the Breathing is
projection of voice. voice correctly voice correctly erratic (jerky,
Modulated and wheezing,
responsive voice guttural, squeaky,
that adjusts to the constricted, etc)
audience and Weak voice
venue. resonance. Not
modulated or 5
monotonous
voice.
Body Establish rapport Generally able to Sometimes loses No rapport was

Languag through direct eye establish rapport the attention of established. No

e/ contact, confident with the audience, the audience. Gets eye contact. Bad
Audience and natural body project their voices easily distracted. body language.
Impact language, and well, show some Occasionally Did not arouse the
(15%) sustain audience confidence and peaks softly. interest of the
interest. Proper mastery. Lacks confidence. audience. Soft
voice projection. voice projection.
Mastery of the No mastery of the
topic. topic. No
confidence.
Psychologic Natural, sincere, Natural and Many signs of Artificial, fake,
al confident. confident most of nervousness and nervous, flailing,
Equipment Masterful and the time, but unpreparedness notes/queue
(5%) spontaneous. occasional signs of dependent.
nervousness or
unpreparedness
Visual and Adequate, Aids are Aids are cluttered No visual aids at
Audiovisu appropriate, and streamlined/clean. and difficult to all. Too technical.
alaids skillful use of Generally easy to follow. Texts and Disorganized and
(20%) media follow and enhance graphics are not not used properly.
the presentation appropriate and
Proper business can be distracting Improper business
attire One or two pieces attire
of clothing are Semi-casual attire
semi-casual
TOTAL:

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ARR / DLR
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
96-100 91-95 86-90 81-85
Quality of issues The student The student The student The student
identified (40%) identifies identifies identifies less identifies not
interesting and somewhat interesting but interesting and not
relevant auditing interesting and somewhat relevant relevant auditing
and assurance relevant auditing auditing and and assurance
issues from the and assurance assurance issues issues from the
readings. issues from the from the readings. readings.
readings.
Depth and quality The student The student The student The student
(60%) provides valid, provides somewhat provides somewhat provides non-
sensible and valid, sensible and valid, sensible and sensible reflection
logical reflection logical reflection of logical reflection of issues
of issues issues identified, of issues identified identified.
identified, and and provides some but these are not
provides valid, valid, sensible and properly supported
sensible, and logical arguments by valid, sensible
logical arguments or supports. and logical
or supports. arguments or
supports.
TOTAL

OTHER REQUIREMENTS AND ASSESSMENTS:

Case Studies, Individual Report, Practice Problem Sets, Seatwork, Written Exam, Critical
Review of Journal Articles, Videos.

GRADING SYSTEM

GRADING COMPONENTS WEIGHT (%)

Case participation/ presentation 15%
Quizzes 20%
ARRs 15%
DLRs 20%
Final Paper 30%
TOTAL 100%

GRADEPOINT EQUIVALENT
97-100 4.0
93-96 3.5
89-92 3.0
85-88 2.5
80-84 2.0
75-79 1.5
70-74 1.0
Below70 0.0

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LEARNINGPLAN
Learning Learning
Outcome Topic WEEK NO. Readings/Online Materials
Activities
1,2 Introduction to Auditing and
1
Assurance
- Course Requirements Synchronous ). Discussion of
- Overview of Auditing and Session: the Syllabus,
Assurance Online Classroom
Conference & Policies
- Role of Auditing and Assurance Discussion (3
Services in Todays hours)
- Some Auditing conventions and
terminology
Asynchronous
Class
Session: 4.5
Assignments
hours

1,2,3,6 The role and context of the

modern assurance and 2
governance
Synchronous Class
Session: Textbook readings: discussion
Online Chapter 1 - Introduction to
Class exercises
Conference & Internal Auditing and
Discussion (3 Chapter 3 – Governance
hours)
Marks, N. (2007). Internal
Audits of Governance,
Internal Auditor, 64(6),
pp.31-32
Davies, M. & Schiltzer, B.
(2008). The impracticality
of an international “one
size fits all” corporate
governance code of best
Asynchronous practice”, Managerial
Session: 4.5 Auditing Journal, 23(6). Pp.
hours 532-544.
Balkaran, L. (2008). ‘Two
sides of auditing’, Internal
Auditor, 65 (5), pp.21-23

1,2,3 Chapter 2 – The

International Professional
Ethics 3
Practices Framework:
Authoritative Guidance for

8
 the Internal Audit
Profession.
United States Sentencing
Commission (2008) Effective
compliance and ethics program,
Synchronous Section 8B2.1 of the US Federal Class
Sentencing Guideline. 2004
Session: Federal Sentencing Guidelines Discussion
Online Manual. Available from
Conference & http://www.ussc.gov/2004guide/8
b2_1.htm
Discussion (3 Fraser, B. (2005). Corporate Practice
hours) Social Responsibility. Internal
Problem Set
Auditor, 62(1), pp. 42-47.
Ahmad, Z., & Taylor, D. (2009).
Commitment to independence by
internal auditors: The effects of
role ambiguity and role conflict.
Managerial Auditing Journal, 24
(9), pp. 899-925.

Callaghan, M. et al (2009).
Implementation, communication
and the benefits of corporate
Asynchronous codes of ethics in Taiwan and
Computational
Session: 4.5 Turkey: A comparison across
contexts. European Business Assignment
hours
Review, 21 (3), pp.278-298.

Dey, C. (2007). Social

Accounting at Traidcraft plc: A
stuggle for the meaning of fair
trade. Accounting, Auditing and
Accountability Journal, 20(3),
pp.423-445.
1,2,3 Risk Management and Business Chapter 4 – Risk Management Class
5
Processes Discussion
Spira, L. & Page, M. (2003).
Risk Management: The Group Activity:
reinvention of internal control and Case Analysis
Synchronous the changing role of internal
Session (3 audit. Accounting, Auditing and
hours) Accountability Journal, 16 (4), pp
640-661.
Castanheira, N. Rodrigues, L. and Practice
Craig, R. (2010). Factors
Problem Set
Asynchronous associated with the adoption of
Session: 4.5 risk-based internal auditing.
Managerial Auditing Journal, 25
hours (1), pp. 79-98.
Week 5: Written Quiz (Synchronous Session 3 hours)

Week 6: Independent Learning Week Asynchronous Session (7.5 hours)

Internal controls and Accounting Chapter 5 – Business

7
System Processes and Risks
1,2,3
Synchronous Chapter 6 – Internal Class
Session (3 Control Discussion

9
 hours)
Koutoupis, A. (2007). Practice
Documenting Internal Controls.
Internal Auditor, 64 (5), pp. 23-27
Problem Set
Gerkes, J. et al. (2007). Entity-
level controls. Internal Auditor,
64 (5), pp. 50-54
Asynchronous Kidwell, et al. (2016).
Session: 4.5 Financial Institutions,
hours Markets and Money (12th
edition). Prentice Hall

Risk of Fraud and Controls 8 Class

Chapter 8 – Risk of Fraud Discussion
and Illegal Acts
Reporting on
Synchronous Murdoch, H. (2008). The three Market
Session (3 dimensions of fraud. Internal
Auditor, 65(4), pp. 81-83
Events: Case
hours) Analysis
Rae, K. and Subramaniam, N.
(2008). Quality of internal
1,2,3 control procedures: Antecedents
and moderating effect on
organizational justice and
employee fraud. Managerial
Asynchronous Auditing Journal, 23 (2), pp.104-
Session: 4.5 124.
hours
Cancino, F. (2010). The fraud
beneath the surface. Internal
Auditor, 67 (1), pp. 33-36.
Conducting the assurance Chapter 10 – Audit Evidence and Class
9 Working Papers
engagement Chapter 11 – Audit Sampling
Discussion
Chapter 12 – Introduction to the Group Activity
Synchronous Engagement Process
Session (3 Practice
Clikeman, P. (2009). Audit
1,2,3 hours) Evidence. Internal Auditor, 66(1), Problem Set
pp. 19-20.
Asynchronous Chapter 13: Saunders et al.
Session: 4.5 (2015). Financial Market
hours and Institutions.

Managing outside partners and

1,2,3,5,6 10 Jackson, R. (2008). Audits
due diligence
without borders. Internal Auditor,
65 (1), pp. 48-54 Class
Synchronous
Discussion
Session (3
Morrison, N., Kinley, G., and Group
hours)
Ficery, K. (2008). Merger deal Reporting

10
 breakers: when operational due
diligence exposes risk. Journal of
Business Strategyu, 29 (3), pp.
23-28
Asynchronous
Dounis, N. (2008). The auditor’s Practice
role in mergers and acquisitions.
Session: 4.5 Internal Auditor, 65(3), pp. 61-63.
Problem Set
hours
Landry, S., Chan, W., and Jalbert,
1,2,3,5,6 Controlling global enterprises 11 T. (2002). Balanced scorecard for
multinationals. Journal of Class
Corporate Accounting and
Finance, 13 (6), pp. 31-40. Discussion
Synchronous Yeniyurt, S. (2003). A literature
Session (3 review and integrative
performance measurement Group
hours) framework for multinational
companies. Marketing
Reporting
Intelligence and Planning, 21 (3),
pp. 134-142.

Week 12: Independent Learning Week Asynchronous Session

7.5 hours
Week 13: Research Break (Final Paper)
3.0 hours
Week 14: Presentation of Final Paper
3.0 hours

TEACHING STRATEGIES:
1. Cooperative Learning. This will allow students to contribute to the discussion. Materials will be
provided related to the latest news and policies affecting banks and their products/services.
2. Problem-based learning. Students will be given case problems affecting trading in foreign exchange,
derivatives, risk management and other activities undertaken by banks.
3. Authentic learning. The professor will provide scenarios related to front (trading), middle (risk
management) and back-office activities undertaken by Treasury departments of the bank, taking into
consideration concepts in real-life environments. Among these activities include bourse game, fixed
income securities and money market trading activities.

CLASS POLICIES
A. Classroom Conduct
Students are expected to be professional inside the classroom. Cellphones should be turned off or placed in
silent mode. Be responsible in using laptops and tablets. All students are expected to partake in meaningful
discussions with the class. Students should also respect their fellow students (e.g., listening when someone
else is speaking). Any misconduct will be reported to the Discipline Office.

• Submission of requirements
ABSOLUTELY NO LATE SUBMISSION WILL BE ALLOWED.

• Policy on Academic Dishonesty

11
 Academic dishonesty in any form (ex. cheating, plagiarism, fabrication of data, etc) will warrant a
final grade of 0.0 in the course and a disciplinary case.

Online Learning Decorum (from the AnimoSpace Manual)

All users must maintain an air of decorum in their interactions within AnimoSpace.

This includes:
• Academic Integrity. All users attest that all content, resources and work submitted or posted are
original and that any words, ideas, or data from others will be properly attributed to their
sources.
• Content Standards. All users may not post and share in AnimoSpace content that may:
o Create a risk of harm, loss, or mental/emotional injury to any other person
o Defamatory, libelous or threatening or that constitutes hate speech
o Contains any information that you do not have a right to make available and violates
anyone’s right of privacy

• Profile pictures. When creating personal profiles, all users may not create profiles containing
demeaning or derogatory language nor images deemed as vulgar or otherwise offensive. Users may
report offensive profiles to the appropriate university body.
• Data Privacy. All users who have access to student information in the AnimoSpace are required
to adhere to the safeguards included in the RA10173 otherwise known as the Data Privacy Act of
2012 (Refer to DLSU Website Privacy Policy)

For Teachers and Students

Be Forgiving. Do not assume your students (and your teachers) are all equally comfortable with and have
equal access to technology. Expect an adjustment time to familiarize with how to go about online learning
activities.
Student Workload. Remember that one (1) unit of each lecture class shall constitute a total workload of 2.5
hours per week, for a total of 35 hours per trimester. Thus, the student workload in a three (3) unit lecture course
is 7.5 hours a week, for a total of 105 hours in a trimester. The total workload includes the time for classes,
alternative activities, exams, projects, homework, reading assignments, and other class activities.

Communication Plan. Establish communication channels with members of the class: AnimoSpace have
announcements, inbox messaging, discussions, chat and conferences tools. Keep current office/school hours.
Set additional meetings by request as necessary.

REFERENCES
Prescribed Textbook:
Anderson, U. L. et al. (2017). Internal Auditing: Assurance and Advisory Services 4th Edition. Internal Audit Foundation

OTHER REFERENCES:

Other references:
Ahmad, Z., & Taylor, D. (2009). Commitment to independence by internal auditors: The effects of role ambiguity and role
conflict. Managerial Auditing Journal, 24 (9), pp. 899-925.
Balkaran, L. (2008). ‘Two sides of auditing’, Internal Auditor, 65 (5), pp.21-23

Callaghan, M. et al (2009). Implementation, communication and the benefits of corporate codes of ethics in Taiwan and

12
 Turkey: A comparison across contexts. European Business Review, 21 (3), pp.278-298.
Cancino, F. (2010). The fraud beneath the surface. Internal Auditor, 67 (1), pp. 33-36.
Castanheira, N. Rodrigues, L. and Craig, R. (2010). Factors associated with the adoption of risk-based internal auditing.
Managerial Auditing Journal, 25 (1), pp. 79-98.
Clikeman, P. (2009). Audit Evidence. Internal Auditor, 66(1), pp. 19-20
Davies, M. & Schiltzer, B. (2008). The impracticality of an international “one size fits all” corporate governance code of best
practice”, Managerial Auditing Journal, 23(6). Pp. 532-544.
Dey, C. (2007). Social Accounting at Traidcraft plc: A stuggle for the meaning of fair trade. Accounting, Auditing and
Accountability Journal, 20(3), pp.423-445.
Dounis, N. (2008). The auditor’s role in mergers and acquisitions. Internal Auditor, 65(3), pp. 61-63.
Fraser, B. (2005). Corporate Social Responsibility. Internal Auditor, 62(1), pp. 42-47.
Gerkes, J. et al. (2007). Entity-level controls. Internal Auditor, 64 (5), pp. 50-54
Jackson, R. (2008). Audits without borders. Internal Auditor, 65 (1), pp. 48-54
Koutoupis, A. (2007). Documenting Internal Controls. Internal Auditor, 64 (5), pp. 23-27
Landry, S., Chan, W., and Jalbert, T. (2002). Balanced scorecard for multinationals. Journal of Corporate Accounting and
Finance, 13 (6), pp. 31-40.
Marks, N. (2007). Internal Audits of Governance, Internal Auditor, 64(6), pp.31-32
Morrison, N., Kinley, G., and Ficery, K. (2008). Merger deal breakers: when operational due diligence exposes risk. Journal
of Business Strategyu, 29 (3), pp. 23-28
Murdoch, H. (2008). The three dimensions of fraud. Internal Auditor, 65(4), pp. 81-83
Rae, K. and Subramaniam, N. (2008). Quality of internal control procedures: Antecedents and moderating effect on
organizational justice and employee fraud. Managerial Auditing Journal, 23 (2), pp.104-124.
Spira, L. & Page, M. (2003). Risk Management: The reinvention of internal control and the changing role of internal audit.
Accounting, Auditing and Accountability Journal, 16 (4), pp 640-661.
United States Sentencing Commission (2008) Effective compliance and ethics program, Section 8B2.1 of the US Federal
Sentencing Guideline. 2004 Federal Sentencing Guidelines Manual. Available from
http://www.ussc.gov/2004guide/8b2_1.htm
Yeniyurt, S. (2003). A literature review and integrative performance measurement framework for multinational companies.
Marketing Intelligence and Planning, 21 (3), pp. 134-142.

ONLINE REFERENCES:

Philippine Agencies, SROs, and

Bank Associations
http://www.bsp.gov.ph (Links to
an external site.)
http://www.treasury.gov.ph (Links
to an external site.)
http://www.sec.gov.ph (Links to
an external site.)
http://www.pdex.com.ph (Links to
an external site.)
http://www.pse.com.ph (Links to
an external site.)
http://www.mart.com.ph (Links to
an external site.)
International Authorities
http://www.fed. (Links to an
external site.)gov
http://www.treasury. (Links to an
external site.)gov
http://www.nyse.com (Links to
an external site.)
http://www.ecb.int (Links to an
external site.)
http://www.bbalibor.com (Links
to an external site.)
http://www.imf.org (Links to an
external site.)
News
http://www.bloomberg.com (Links to
an external site.)
http://www.reuters.com (Links to an
external site.)
http://online.wsj.com (Links to an
external site.)
http://www.ft.com (Links to an
external site.)
http://www.marketwatch.com (Links
to an external site.)
http://www.cnbc.com

RVR COB CODE OF ETHICS:

As a business leader, I recognize my role in society.

13
 1. My purpose is to lead people and manage resources to promote human development and
the common good and to create value that no single individual can create alone.
2. My decisions affect the well-being of individuals inside and outside my enterprise, today
and tomorrow.

Therefore, I promise that:

1. I will manage with loyalty and care, and will not advance my personal interests at the
expense of my enterprise or society.
2. I will promote socially useful products and services which serve human development,
keeping in mind reasonable access for the poor and underprivileged.
3. I will understand and uphold, in letter and spirit, the laws and contracts governing my
conduct and that of my enterprise.
4. I will refrain from corruption, unfair competition, or business practices harmful to society.
5. I will respect the human rights and dignity of all people affected by my enterprise, and I
will oppose discrimination and exploitation.
6. I will promote a humane and enabling work community within my organization.
7. I will promote the just allocation of resources for all stakeholders of the company.
8. I will respect the right of future generations to advance their standard of living and enjoy a
healthy planet.
9. I will report the performance and risks of my enterprise accurately and honestly.
10. I will invest in developing myself and others, helping the management profession
continue to advance and create sustainable and inclusive prosperity.
11. In exercising my professional duties according to these principles, I recognize that my
behavior must set an example of integrity, eliciting trust and esteem from those I serve. I
will remain accountable to my peers and to society for my actions and for upholding these
standards.

Adapted from:
The Global Business Oath (http://theoathproject.org/?page_id=47 )
Vocation of the Business Leader
(http://www.stthomas.edu/cathstudies/cst/VocationBusinessLead/)

THE COVENANT FOR SHARED PROSPERITY

The COVID-19 pandemic has shaken the very foundations of our society and economy. It has
already claimed hundreds of Filipino lives and threatens so many more. The resulting government-
imposed quarantines and lockdowns have shut down businesses providing services and products
needed by citizens. This, in turn, has led to devastating loss of income for the many whom we
depend on for our businesses and organizations to function but who are also the most vulnerable in
our communities. Many of these people are now fearful for their lives not just from the virus but
from hunger and starvation. Hence, the current national health crisis, while terrible and disruptive
for all of us, also leads us to look with compassionate eyes at poverty and inequality as core
problems plaguing Philippine society that demand attention from us as the country’s business
leaders -- during the pandemic and after.

14
 The Philippine Business Groups (PBGs) support the vision of the government, articulated in
Ambisyon 2040, which states that “the Philippines shall be a country where all citizens are free from
hunger and poverty, have equal opportunities, enabled by a fair and just society that is governed
with order and unity. A nation where families live together, thriving in vibrant, culturally diverse
and resilient communities.” We have 20 years to make this happen.

The PBGs realize that our country, like many other countries around the world, is suffering from
gross inequality not only in economic and financial terms but also in the social, environmental and
political aspects of our national life. This gross inequality in our society has been with us for
generations fueled by greed; illegal and unethical practices; callousness to the needs of our
communities, especially those at the bottom of the pyramid; and indifference to Mother Earth by
some among us. We seek to end these practices.

We believe that a way to address inequality in all its forms in our society and to enhance the dignity
of human beings and, thus, achieve inclusive development is for MAP members and member-
companies to collectively mobilize their human, technical, economic and financial resources to
ensure ethical wealth creation and the sharing of prosperity with all their stakeholders.

We also encourage all the colleges and universities offering business and business-related courses to
inculcate and emphasize among their students -- current and next generation of managers -- the
principles and practices of sharing prosperity.

We therefore pledge and commit to:

a. Recruit, train and develop our employees and managers to be the best that they can be
irrespective of gender, alma mater, age, ethnicity and religion; provide just compensation and
benefits; promote meritocracy and encourage work-life harmony;
b. Provide only quality products and services that are of continuing value to our customers;
c. Treat our goods, service and funds providers fairly, ethically and with respect as we expect
them to treat their own workers in their supply chain the same way;
d. Be actively involved in the communities where we operate in with particular attention to the
needs of the disadvantaged in those communities;
e. Protect and preserve the environment for the benefit of current and future generations by
employing environment friendly technologies in all aspects of business operations; and
f. Deliver reasonable and just returns to and fair treatment of our controlling and non-controlling
shareholders.

We pledge to do all these and sign this Covenant for Shared Prosperity on this 5th day of November,
2020.

Prepared by:

Name of Faculty

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Noted by:

Graduate Program Coordinator

Approved:

Chair, Name of Department

______________________________
Dean, Dr. Emilina Sarreal

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