POWER, WATER, AND TELECOMMUNICATION COMPANY

OVERVIEW

The power, water, and telecommunications industries are critical to the functioning of
modern society, underpinning economic activity and social well-being. However, these
sectors face unique and significant risks and challenges that can impact their financial
performance and internal controls.

LEARNING OBJECTIVES

After a thorough discussion of this lesson, the learner will be able to:
1. Understand the regulatory frameworks and compliance standards governing the
power, water, and telecommunication industries in the Philippines.
2. Identify and assess the unique risks and challenges specific to the power, water,
and telecommunications sectors, including infrastructure vulnerabilities,
cybersecurity threats, and resource scarcity.
3. Evaluate internal control and governance structures, and implement best
practices for enhancing operational efficiency and compliance in these industries.

COURSE MATERIALS

Introduction to Auditing in the Power, Water, and Telecommunication Industry

Auditing in the power, water, and telecommunication industries is crucial due to the
essential nature of these services and the unique challenges each sector faces. These
industries are the backbone of modern society, providing critical services that support
economic activity and social well-being. The purpose of auditing in these sectors is to
ensure regulatory compliance, operational efficiency, financial accuracy, and to identify
and mitigate risks.

Regulatory Framework and Compliance Standards

According to PricewaterhouseCoopers (PwC). The power and utility industry is highly

regulated, with continuing government involvement in pricing, security of supply and
pressure to reduce greenhouse gas emissions and other pollutants. These are the
exemplary regulatory frameworks of Power, Water, and Telecommunication Companies
in the Philippines:

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
Electric Power Industry Reform Act of 2001

The Electric Power Industry Reform Act of 2001 or EPIRA is also known as the
Republic Act No. 9136, is a Philippine law which aimed to restructure and privatize the
electric power industry in the country. The regulatory principle of this act stated that the
retail rates charged by distribution utilities for the supply of electricity in their captive
market shall be subject to regulation by the Electric Regulatory Commission (ERC).

Regulatory Environment of Water Companies

The regulatory environment of the water utilities industry is characterized as very weak
regulatory capacity (Araral & Maddawin, 2019). This is due to regulatory fragmentation
and incoherence which results in the industry regulation being weak. Furthermore, it has
been recommended to the congress to establish a law creating the Department of Water
(DoW). As of 2024, recent reports said that creation of DoW is still in progress in law for
which is backed up by the National Economic and Development Authority (NEDA).
(Amolejar, 2024)
Public Telecommunications Policy Act of the Philippines

The Public Telecommunications Policy Act of the Philippines or Republic Act No. 7925
is a Philippine law that aims to promote competition and foster a healthy environment in
the telecommunication market. The National Telecommunications Commission (NTC)
has supervision and control over telecommunications entities, and generally has the
mandate to administer and implement laws on the licensing and operations of the
covered entities. (Hernandez & Gatmaitan, 2020)

Assessing the existing regulatory framework of the Power, Water, and

Telecommunication Companies is important in the audit process as this is part of
understanding the business. Thus, creating bases of internal control that could affect
risks and procedures that should be discussed further in this report.

Overview of Industry-Specific Risk and Challenges

The power, water, and telecommunications industries are the backbone of modern
society, providing essential services that underpin economic activity and social
well-being. However, these sectors face unique risks and challenges that can
significantly impact their financial performance and internal controls.

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
Industry-Specific Risks and Challenges

Power Industry

a. Infrastructure vulnerabilities:
- aging power plants, transmission lines, and substations
susceptible to outages from extreme weather events, cyberattacks,
and physical attacks.
b. Fuel price fluctuations:
- dependence on volatile fossil fuel prices can impact operational
costs and consumer bills.
c. Increasing demand:
- growing energy demand puts pressure on existing infrastructure
and requires investment in new generation capacity.
d. Cybersecurity threats:
- malicious actors targeting power grids to disrupt critical
infrastructure and cause widespread outages.

Power companies, auditors assess aging infrastructure, evaluate the financial impact of
fuel price volatility, test controls for managing demand fluctuations, and design
procedures to identify and mitigate cybersecurity threats. This ensures reliable financial
statements and adequate controls for efficient and secure power generation.

Water Industry

a. Water scarcity:
- rising populations, climate change, and water pollution threaten the
availability of clean water resources.
b. Aging water infrastructure:
- leaky pipes and outdated treatment facilities can lead to water loss,
contamination, and service disruptions.
c. Cybersecurity threats:
- attacks on water treatment plants can disrupt operations and
potentially endanger public health.
d. Contamination:
- threats from industrial waste, agricultural runoff, and natural
disasters can pollute water sources.

Water sector audits focus on resource management (assessing water use and potential
shortages), financial preparedness (evaluating reserves for infrastructure repairs), and

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
cybersecurity (testing controls for water treatment plants). They also review procedures
for ensuring water quality and detecting contamination. These audits ensure efficient
resource use, financial stability, and safe drinking water delivery.

Telecommunications Industry

a. Cybersecurity threats:
- cyberattacks on telecommunications networks can disrupt
communication services, compromise sensitive data, and even
cause physical damage.
b. Technological disruptions:
- rapid advancements in technology can make existing infrastructure
obsolete and require continuous investment in upgrades.
c. Spectrum scarcity:
- the limited availability of radio spectrum can hinder the expansion
and capacity of wireless networks.
d. Reliance on physical infrastructure:
- physical infrastructure like cell towers and cables are vulnerable to
damage from natural disasters and vandalism.

Telecommunication audits focus on keeping things secure and up-to-date. They check
how well the company protects its networks from hackers, how new technology might
affect the value of its equipment, and if they have enough "airwaves" to handle future
growth. They also make sure cell towers and cables are protected from damage. This
helps ensure the company can handle the fast-paced world of technology.

By understanding the challenges faced by power companies (aging infrastructure, fuel

price fluctuations, cybersecurity threats), water utilities (water scarcity, aging
infrastructure, contamination), and telecommunication providers (cybersecurity,
technological disruption, spectrum scarcity), auditors can tailor their procedures to
address these specific concerns.

This may involve assessing the condition of physical assets, evaluating the impact of
external factors on financial statements, testing controls designed to mitigate
industry-specific risks, and potentially incorporating specialized tools or procedures.
Ultimately, a comprehensive understanding of industry-specific risks is crucial for
conducting effective audits in these critical sectors.

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
Audit Planning and Risk Assessment

Audit planning and risk assessment are crucial processes in conducting an effective and
efficient audit of a company, especially for a Power, Water, and Telecommunication
Company. These processes help auditors understand the company's business and
industry, identify potential risks that may affect the financial statements, and plan their
audit procedures accordingly. Incorporating IT risk assessment, information security,
and business continuity management into the audit planning and risk assessment
processes is essential for ensuring the integrity and security of the company's
operations and financial reporting.

Understanding the Business and Industry

The first step in audit planning is to understand the nature of the company's business
and the industry it operates in. For a Power, Water, and Telecommunication Company,
this involves understanding the regulatory environment, the company's operations and
processes, and its financial reporting requirements. This understanding helps auditors
identify key areas of risk that may impact the financial statements and determine the
audit procedures needed to address these risks.

Risk Assessment
Risk assessment in the context of a Power, Water, and Telecommunication Company
involves identifying and evaluating inherent risks, control risks, and detection risks.

Inherent risks are risks that are inherent to the nature of the company's business or
industry. For example, for a Power, Water, and Telecommunication Company, inherent
risks may include regulatory compliance risks, operational risks related to maintaining
infrastructure, or technological risks related to data security.

Control risks are risks associated with the effectiveness of the company's internal
controls. Auditors assess the design and implementation of these controls to determine
their effectiveness in mitigating identified risks. For example, controls related to revenue
recognition or inventory management would be important areas to assess for a Power,
Water, and Telecommunication Company.

Detection risks are risks associated with the auditor's ability to detect material
misstatements in the financial statements. Auditors consider factors such as the nature
and extent of audit procedures performed to address the identified risks, as well as the
competence and independence of audit staff.

Audit Procedures

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
Based on the results of the risk assessment, auditors can plan their audit procedures,
including substantive tests of transactions and balances, tests of controls, and analytical
procedures. The extent and nature of these procedures would depend on the assessed
level of risk in each area.

IT Risk Assessment and Procedures

In the context of a Power, Water, and Telecommunication Company, IT risk assessment
and audit planning play a significant role. IT risk management strategy assessment
evaluates the framework and process IT has embedded within the function to assess
and manage risks. It also evaluates the actions taken to mitigate risks and the level of
accountability within the process. Additionally, IT governance audit evaluates the
processes IT has in place to govern capital allocation decisions, project approvals, and
other critical decisions. IT risk assessment participates in IT’s own risk assessment as
an advisory audit, evaluating the risks identified and providing insight given a unique
perspective on the IT organization.

Information Security and Business Continuity Management

For a Power, Water, and Telecommunication Company, information security program
assessment and threat and vulnerability management program assessment are crucial.
These evaluations assess the organization’s information security program, including
strategy, awareness, monitoring, and response, as well as the threat and vulnerability
management program, including threat intelligence, vulnerability identification, and
remediation.

Internal Control and Governance Structures

Internal control refers to the plan of organization and all the coordinated methods and
measures adopted within an organization or agency to safeguard its assets, check the
accuracy and reliability of its accounting data, and encourage adherence to prescribed
managerial policies (Section 123 of Presidential Decree No. 1445, as amended).

The COA Government Accounting and Auditing Manual (GAAM) Volume III elaborates
on internal control, describing it as the organizational plan and all the methods and
measures implemented within an agency to ensure that resources are utilized in
accordance with laws, regulations, and policies; protected from loss, wastage, and
misuse; that financial and non-financial information is reliable, accurate, and timely; and
that operations are conducted in an economical, efficient, and effective manner (Section
32, Title 2, Volume III of the GAAM).

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
The Philippines utilizes similar principles for internal controls and governance structures
across the water, power, and telecommunication industries, with some industry-specific
variations.

All three industries follow the guidelines set forth in Presidential Decree 1445 (PD
1445), focusing on:

● Safeguarding Assets: Protecting physical infrastructure, financial resources,

and customer data from theft, loss, or misuse.
● Ensuring Data Accuracy: Maintaining reliable accounting, operational, and
customer information.
● Promoting Efficiency: Optimizing resource allocation and achieving
cost-effective service delivery.
● Compliance: Adhering to relevant laws, regulations, and government directives.
● Policy Adherence: Implementing procedures that ensure staff follows company
policies and procedures.

Industry-Specific Considerations

● Water Industry: Strict protocols for water quality control and treatment
processes are essential.
● Power Industry: Measures to ensure grid stability, power plant safety, and
efficient energy generation are crucial.
● Telecommunication Industry: Robust cybersecurity measures are paramount
to protect customer data and network integrity.

Internal Control and Governance Structures in Water Sector

The water sector in the Philippines faces multifaceted challenges, ranging from
water scarcity to inadequate infrastructure and governance issues. Effective internal
control mechanisms and governance frameworks are imperative to address these
challenges and ensure sustainable water management.

Water districts adhere to the National Guidelines on Internal Control Systems (NGICS)
issued by the Department of Budget and Management (DBM). This framework outlines
principles and best practices for designing, implementing, and monitoring internal
controls. These controls aim to achieve several objectives aligned with the core
principles of Presidential Decree 1445 (PD 1445):

Safeguarding Assets: This includes protecting water infrastructure (treatment plants,

pipelines), financial resources (funds, investments), and customer data (account
information, billing details) from theft, loss, or misuse. Water districts might implement

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
measures like restricted access to critical infrastructure, robust financial management
practices, and data encryption.

Ensuring Data Accuracy: Maintaining reliable accounting records, operational data

(water production, consumption), and accurate customer information is crucial. This
could involve implementing internal verification procedures for financial transactions,
regularly monitoring water treatment processes and recording data, and establishing
procedures for customer data updates.

Promoting Efficiency: Optimizing resource allocation (water treatment chemicals,

manpower) and achieving cost-effective service delivery (minimizing water loss,
optimizing billing) are essential. Internal controls might focus on streamlining
procurement processes, implementing preventive maintenance programs for
infrastructure, and analyzing water loss data to identify areas for improvement.

Compliance: Water districts must adhere to relevant laws and regulations like the Water
Code of the Philippines (PD 1067) for water quality standards, service provision, and
tariff setting. Additionally, they need to comply with government directives issued by
agencies like LWUA and NWRB. Internal controls can involve establishing compliance
checklists, conducting regular audits, and providing training to staff on relevant
regulations.

Policy Adherence: Implementing procedures that ensure staff follows company policies
and procedures related to water treatment protocols, customer service standards, and
financial management practices. This could involve developing clear operational
manuals, conducting regular performance reviews, and implementing a system for
reporting policy violations.

Industry-Specific Considerations

This sector is unique due to its essential role in public health, environmental
sustainability, and economic development. Here are some key industry-specific
considerations for the water sector:

1. Stringent protocols: Regular water sampling and testing throughout the

distribution network ensure consistent quality. This involves standardized testing
procedures, qualified personnel, and reporting to regulatory bodies like the
Department of Health (DOH).
2. Leak detection and repair: Proactive programs to identify and fix leaks in the
distribution system minimize water loss and revenue loss.
3. Metering infrastructure: Regular maintenance and calibration of water meters
ensure accurate water consumption data and billing.

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
 4. Compliance with DOH standards: Water districts must meet established
parameters for chlorine residual, microbial contamination, and heavy metals.

Internal Control and Governance Structures in Power Sector

The power sector plays a critical role in driving economic development and
improving living standards. In the Philippines, like in many other countries, effective
internal control mechanisms and governance frameworks are essential for ensuring the
efficient and sustainable operation of the power sector.

Following the National Guidelines on Internal Control Systems (NGICS) issued by the
Department of Budget and Management (DBM), power companies implement internal
controls that focus on:

Safeguarding Assets: Protecting physical assets like power plants, transmission lines,
and substations from theft, damage, or sabotage. This also includes securing financial
resources and customer data.

Ensuring Data Accuracy: Maintaining reliable accounting records, operational data

(power generation, consumption), and customer information is crucial for billing,
resource allocation, and informed decision-making.

Promoting Efficiency: Optimizing resource allocation (fuel, manpower) and achieving

cost-effective power generation and distribution are essential for the sector's
sustainability. This might involve minimizing energy losses during transmission and
optimizing generation schedules.

Compliance: Adhering to relevant laws and regulations like the Electric Power Industry
Reform Act (EPIRA) (RA 9136) which governs market competition, consumer rights,
and power sector standards. Additionally, complying with directives from regulatory
bodies like the Department of Energy (DOE) and the Energy Regulatory Commission
(ERC).

Policy Adherence: Implementing procedures that ensure staff follows company policies
and procedures related to power plant operations, maintenance protocols, safety
regulations, and customer service standards.

Industry-Specific Considerations

On top of the general principles, the power sector has specific control mechanisms to
address its unique challenges

1. Grid Stability and Reliability: Implementing measures to ensure a stable and

reliable power grid includes regular maintenance of power lines and substations,

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
 real-time monitoring of grid conditions, and contingency plans for emergencies
like power outages.
2. Power Plant Safety: Stringent safety protocols are crucial to prevent accidents
and environmental damage. This involves adherence to safety regulations set by
the DOE, proper training for personnel, and regular safety inspections.
3. Cybersecurity: Protecting critical infrastructure from cyberattacks is vital. This
may involve implementing cybersecurity measures like access controls, data
encryption, and system monitoring to safeguard power grid control systems and
customer information.

Internal Control and Governance Structures in Telecommunication Sector

The telecommunication sector is a dynamic and ever-evolving landscape. While

it fuels global connectivity and economic progress, it also faces unique challenges in
maintaining robust internal controls and effective governance. To ensure the reliability,
security, and financial health of these companies, robust internal controls are essential.

Safeguarding Assets: Protecting physical infrastructure (cell towers, fiber optic cables),
financial resources, and customer data (phone numbers, call records) from
unauthorized access, theft, or damage.

Ensuring Data Accuracy: Maintaining accurate and reliable accounting records, billing
information, and customer data is crucial for proper service delivery and customer trust.

Promoting Efficiency: Optimizing resource allocation (network capacity, personnel),

minimizing operational costs, and ensuring efficient service delivery are essential for a
competitive market.

Compliance: Following relevant laws and regulations set by government agencies like
the National Telecommunications Commission (NTC), such as data privacy laws
(Republic Act No. 10173 or the Data Privacy Act of 2012) and consumer protection
regulations.

Policy Adherence: Implementing procedures to ensure staff follows company policies

related to data security practices, network maintenance protocols, and customer service
standards.

Industry-Specific Considerations

Beyond the general internal control frameworks, the telecommunication sector has
specific areas requiring tailored controls.

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
 1. Cybersecurity: Implementing robust cybersecurity measures is paramount. This
includes data encryption practices, firewalls, intrusion detection systems, regular
software updates, and employee training on cybersecurity awareness.
2. Network Integrity: Maintaining network stability and resilience against outages
and cyberattacks is crucial. This involves redundant network infrastructure,
backup systems, and disaster recovery plans.
3. Service Quality: Monitoring and maintaining service quality standards for voice
calls, internet connectivity, and mobile data are essential for customer
satisfaction.

Audit Procedures and Techniques

Auditing procedures and techniques for power, water, and telecommunications in the
Philippines involve a comprehensive evaluation of the financial, operational, and
compliance aspects of these utilities. An outline of the main steps and methods utilized
in these sectors' audits is provided below:

Compliance Audits
Power Sector - Verify adherence to regulations set by the Energy Regulatory
Commission (ERC) and other relevant bodies. It is also in line with environmental
compliance under the Department of Environment and Natural Resources (DENR) for
its environmental Compliance.

Water Sector - Ensure compliance with the regulations of the National Water
Resources Board (NWRB) and local government units (LGUs) and verify compliance with
water quality standards under the Department of Health (DOH)

Telecommunication Sector - Ensure compliance with the National Telecommunications

Commission (NTC) regulations. Assuring the regulation and registration compliance
under the provided law process.

Financial Audits

Audit Procedure

Power Water Telecommunication

Revenue and Billing Audit Billing and Collection Audit Revenue Assurance

Expense Verification Expenditure Analysis Expense Control

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
 ● Revenue and Billing Audit: Check the accuracy and completeness of revenue
records and billing processes.
● Expense Verification: Audit operational and capital expenditures for proper
authorization and classification.
● Billing and Collection Audit: Review the processes of billing, collection, and
accounting for water services.
● Expenditure Analysis: Examine operational and capital expenditures for water
infrastructure projects.
● Revenue Assurance: Check for completeness and accuracy of revenue from
various services like voice, data, and SMS.
● Expense Control: Audit expenditures related to network infrastructure, marketing,
and operations.

Operational Audits
Power Sector
1. Efficiency Audit - evaluate the efficiency of power generation, transmission, and
distribution.
2. System Reliability - assess the reliability and maintenance of power
infrastructure.

Water Sector
1. Water Supply Management - evaluate the effectiveness of water source
management and distribution.
2. Maintenance Programs - review the maintenance schedules and practices for
pipelines and treatment plants.

Telecommunication Sector

1. Network Performance - assess the performance and reliability of the telecom

network.
2. Service Delivery - review the effectiveness of customer service and support
operations.

Performance Audits
Power

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
 ● Performance Metrics - Analyze key performance indicators (KPIs) such as
outage frequency and duration, load management, and energy losses.

Water

● Service Delivery - Assess the efficiency and reliability of water service delivery.
● Non-Revenue Water (NRW) - Evaluate measures to control and reduce water
losses.

Telecommunication
● Quality of Service (QoS) - Measure key metrics such as call drop rate, data
speed, and service availability.
● Network Coverage - Evaluate the geographical coverage and capacity of the
network.

AUDIT TECHNIQUES

● Data Analytics: Use of data analytics to detect anomalies in billing, consumption

patterns, and operational data.
● Physical Inspection: On-site inspections of power plants, substations, and
transmission lines.
● Sampling: Statistical sampling of transactions and records for detailed
examination.
● GIS and Remote Sensing: Use of Geographic Information Systems (GIS) and
remote sensing to monitor water distribution networks.
● Water Quality Testing: Laboratory analysis of water samples for quality
compliance.
● Customer Surveys: Conduct surveys to assess customer satisfaction and service
issues.
● Document Review: Examination of policies, procedures, contracts, and records.
● Interviews: Conduct interviews with key personnel to understand processes and
identify risks.
● Risk Assessment: Identify and assess risks that may impact the utility's
operations and financial health.
● Internal Controls Evaluation: Review and test the effectiveness of internal
controls in preventing and detecting errors and fraud

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA
REFERENCES
American Water Works Association. (n.d.). https://www.awwa.org/

Amolejar, D. G. (2024, May 17). NEDA pushes for creation of Department of Water. Manila
Standard. Retrieved May 27, 2024, from
https://manilastandard.net/business/314448157/neda-pushes-for-creation-of-department
-of-water.html#google_vignette

Araral, E. K., & Maddawin, C. (2019, November 26). Water Utility Industry Review Report.
COE-PSP. Retrieved May 27, 2024, from
https://coe-psp.dap.edu.ph/wp-content/uploads/2021/06/Water-Utility-Industry-Regulator
y-Review.pdf#page=2.04

Asian Development Bank. (2003). Diagnostic Study of Accounting and Auditing Practices in the
Philippines. Retrieved from ADB.

A Financial and Operational Analysis of Meralco - Malate. (n.d.). DLSU. Retrieved May 27,
2024, from
http://dlsu.edu.ph/wp-content/uploads/pdf/conferences/research-congress-proceedings/2
015/EBM/009EBM_Chua_CLD_etall.pdf#page=3.71

Commission on Audit. (2021). Rules on Government Auditing. Retrieved from COA.

Financial reporting in the power and utilities industry International Financial Reporting
Standards. (n.d.). PwC. Retrieved May 27, 2024, from
https://www.pwc.com/id/en/publications/assets/utilities-ifrs.pdf

Globe Telecom Inc. Corporate I Internal Control Mechanism.

https://www.globe.com.ph/about-us/corporate-governance/internal-control-mechanism

Hernandez, & Gatmaitan. (2020, August 5). In brief: telecoms regulation in Philippines.
Lexology. Retrieved May 27, 2024, from
https://www.lexology.com/library/detail.aspx?g=60b6d74f-c6e4-46d9-86bf-9d7b13885da
3

Homepage. (n.d.). IFAC. https://www.ifac.org/

ITU Development Cybersecurity. (n.d.) https://www.itu.int/itu-d/sites/cybersecurity/

Levytsky, A. (2024, February 22). Financial Reporting & Audit Newsletter – Q4 2022 - Zampa
Debattista. Zampa Debattista.
https://zampadebattista.com/insights/audit-ifrs-newsletter-q4-2022/

Metro Roxas Water District (2017). Internal Control Office Audit Manual and Charter.
https://metroroxaswd.gov.ph/

PwC Philippines. (2019). Auditing the Internal Audit: Needles in a Haystack. Retrieved from
PwC Philippines.

National Guidelines on Internal Control Systems (NGICS) - DBM (2012).

https://www.dbm.gov.ph/wp-content/uploads/SPIB-ICIA/3.%20NGICS.pdf

SUBJECT: ACCO 30073 SPECIALIZED INDUSTRIES

PREPARED BY: DE GUZMAN, BATOON, GATBONTON, SISON and ARUTA