Improving Financial Transparency: Training for External Auditors of Microfinance Institutions (MFIs)
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MABS, in coordination with the World Bank – Consultative Group to Assist the Poor (CGAP), conducted a seminar on microfinance international standards for external auditors of MFIs. Thirty three accountants from 14 audit firms attended the seminar held on August 31 at the RBAP Building in Manila. Representatives from the Bangko Sentral ng Pilipinas, Philippine Institute of Certified Public Accountants (PICPA), and the Microfinance Council of the Philippines Inc. also attended the seminar.
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The seminar provided participants with the tools and skills needed to evaluate and assess microfinance operations using international accounting standards. Dr. Mohamed Nasr, microfinance consultant of the CGAP and the seminar’s resource speaker, discussed the risk audit approach to internal control and outlined policies and procedures to mitigate risks and prevent fraud. Participants also learned the CGAP-developed loan portfolio audit tool, which considers the unique characteristics of MFI loan operations. The seminar also included International Financial Reporting Standards (IFRS), microfinance accounting disclosure best practice and applying International Standards on Auditing (ISA) in MFIs audit reports. The course credits will also be accredited by PICPA as part of the continuing professional education requirements for certified public accountants.
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