The Cooperative Development Authority mandates that all Cooperatives shall be audited by an External Auditor accredited by CDA and PICPA. The Cooperative External Auditor shall submit to the General Assembly the annual Audited Financial Statements which shall be in accordance with the Philippine Financial Reporting Framework For

Cooperatives. The auditor must adhere to the Philippine Auditing Standards in the conduct of his audit for Cooperatives. One of the considerations in developing his audit plan is his understanding of the business entity, which includes the Cooperative's internal controls.

The seminar will focus on the basic features of the Internal Control Framework by COSO, and how the auditor can correlate control risks in his assessment of overall audit risk.