IMPLEMENTING RULES AND

REGULATIONS (IRR)
IN THE CONDUCT OF THE
REGIONAL AUDIT CASE CHALLENGE
(Preliminary Round)
Version Date Issued/Revised Approved By Noted By Details
No. By
1 2015 Arvince Dylan Daryl DG. Mr. Jamhel C. Initial
I. Tabamo Cruz Marquez, Issue
CPA
2 June 3, 2016 Margot M. Chelsea Diane Annual
Sanoy R. Pineda Update
3 June 24, Aira Jerrilie B. Claudine Ms. Ma. Annual
2017 Acdan Nicole D. Kristel Kae T. Update
Valenzuela Sacoco, CPA

Date Issued/Revised

IRR 1.0 BACKGROUND

IRR 1.1 Regional Audit Case Challenge is an annual academic event of National
Federation of Junior Philippine Institute of Accountants Region 1 & CAR
Council (NFJPIA-R1CAR) that aims to demonstrate and recognize the
prowess of its members in auditing. It is a team competition wherein the
best representatives from each local chapter gather in three distinct hubs
to hone critical thinking and superb knowledge in the field of auditing.

IRR 2.0 OBJECTIVES

IRR 2.1 To promote Academic Excellence among students that will help them
deepen their knowledge in auditing.

IRR 2.2 To help accounting students build a sense of stewardship and

sportsmanship.

IRR 2.3 To increase the level of participation and involvement of local chapters in
NFJPIA-R1CAR activities

IRR 2.4 To allow students to test their knowledge against one another in a
friendly, fun and competitive atmosphere

IRR 2.5 To let the participants experience a simulated auditing workplace scenario

IRR 3.0 REGISTRATION AND QUALIFICATIONS

IRR 3.1 Each local chapter may send up to two groups with three (3) members
each for the audit case challenge and up to three individual participants
for both auditing theory and auditing problems quiz bees. The
competition is open only to bona fide members of NFJPIA-R1CAR 2017-
2018 who have taken / currently taking Auditing Theory. Participants can
only join one event.

IRR 3.2 The local chapter vice president for academics must send a duly
accomplished Application Form of the contestants and an image file of the
school logo or seal on or before August 20, 2017.

IRR 3.3 Scanned copies of the enrolment form (for those who are currently taking
Auditing Theory), printout or certification of grades (for those who have
 taken Auditing Theory) and ID for the current semester of the participants
must also be submitted to the regional vice president for academics.

IRR 3.4 All requirements must be zipped into one file with a title of

RACC1718_(Local Chapter) and sent to

nfjpia1718.r1carvpacademics@gmail.com,

cc to nfjpia1718.r1carsecgen@gmail.com.

Example: RACC1718_Mariano Marcos State University

IRR 3.5 A registration fee of P75 shall be paid during the registration phase of the
Provincial Eliminations.

IRR 3.6 The participants must also bring their duly signed waivers during the
competition or a fee of P50 shall be imposed upon them.

IRR 3.7 Switching of contestants is allowed, given that it is communicated to the

Regional Vice President for Academics not less than five days before the
event; and the requirements are complied with three days before the date
of the competition.

IRR 3.8 Failure to comply with any of the above requirements shall mean
disqualification of the contestants in the specific event. The Official List of
Participants shall be posted on the NFJPIA-R1CAR Facebook page three
days before the competition.

IRR 4.0 CONTEST MECHANICS Audit Case Challenge

IRR 4.1 The competition will be held in three distinct hubs (Pangasinan, Baguio
and Ilocos).

IRR 4.2 Participants are not allowed to bring their own materials in the contest
proper except for 1 calculator, laptops and one reference book for each
member.

IRR 4.3 Participants must strictly be in corporate attire during the competition
proper.

IRR 4.4 The Audit Case Study Competition shall be divided into two rounds,
namely:

IRR 4.4.1 Written Report Round - During this round, the participants shall
submit their reports containing their analysis and answer on the audit
case. Four hours is allotted on this round.

IRR 4.4.2 Oral Defense Round - In order to determine the final ranking of
the top five teams, the participants shall present their report in a
PowerPoint format for 15 minutes and another 10 minutes shall be
allotted for question and answer portion.

IRR 4.5 The teams shall be given four hours to prepare a written report which
should be submitted in soft copy.

IRR 4.6 The written report should have the following at the minimum:

-Name of client

-Heading of the substantive audit documentation/working paper

-Documentation of the understanding of the entity

 -Management Assertions

-Audit objectives

-Test of control/Substantive audit procedures performed

-Audit findings

-Proposed Adjusting Entries/Recommendations to management

-Conclusion

Contestants could include additional parts to the written report in order to

add substance to the case study, provided that the major parts are
present.

IRR 4.7 The written report should follow the following format:

Segoe UI font, 12 font size and with 1.15 spacing.

1-inch in all sides of the document.
The report must not exceed 10 pages.
The report must not contain an appendix.

Templates use by the contestants or participating groups should

not contain anything that would indicate the Institution in which
they were affiliated (e.g. refrain from including any identifying
information in headers, footers in the written report and power
point presentation). The case study must have attached a title page,
which includes the names of the team members.

IRR 4.8 The following criteria shall be used to evaluate the written report:
 Proper documentation of the understanding of 25%
the entity and evaluation of its control
procedures
Adequacy of analysis of any control deficiency 35%

identified during the evaluation of the

controls(material misstatements, in case of

substantive testing)
Reasonableness and relevance of the 35%
recommendations and conclusion
Technicalities 5%
TOTAL 100%

Proper documentation of the understanding of the entity and

evaluation of its control procedures is the extent to which the
team:
Provides adequate documentation of understanding the
background of the entity, including its nature of operations
and business procedures.
Effectively uses background information and available
evidences
Adequacy of analysis of any control deficiency identified during the
evaluation of the controls (material misstatements, in case of
substantive testing) is the extent to which the team:
Successfully identified adequate and appropriate analysis
that would eventually be the basis in forming analysis and
recommendations
 Effectively identified the impact of the control
deficiencies/material misstatements
Demonstrates logic in formulating recommendations,
proposed audit adjustments and conclusion
Considers the feasibility of their recommendations when
taken separately and when taken together or
Reasonableness of findings and conclusion as supported
with specific provisions from the Philippine Financial
Reporting Standards (PFRS) and Philippine Standards on
Auditing (PSA)
Technicalities are the extent to which the team:
Followed the recommended guidelines for written reports
Presented its ideas in a logical, cohesive and smooth manner.
Exhibited proper sentence construction and grammar

IRR 4.9 The top five local chapters shall advance to the Defense Round. Should the
number of teams not exceed seven (7), all teams shall advance to the
Defense round.

IRR 4.10 The qualifying teams shall be given two hours to prepare a power point
presentation and rehearse their oral presentation. After two hours, all teams
shall be isolated in one room and shall wait for their turn to defend their
case analysis.

IRR 4.11 The teams shall present their report in front of the panel of judges for 15
minutes and another 10 minutes shall be allotted for the question and
answer portion.
IRR 4.12 The top 3 local chapters per hub shall advance to the final round of the
Audit Case Challenge to be held during the 16th Regional Mid-Year
Convention.

IRR 5.0 CONTEST MECHANICS Auditing Problems and

Auditing Theories Quiz Bee
IRR 5.1 Each Quiz Bee shall be composed of three (3) sub-set levels namely: Easy,
Average, and Difficult. The corresponding points, time allotment, and
number of questions are as follows:

Easy Average Difficult Clincher

Theory Questions 10 seconds 10 seconds 10 seconds 10 seconds

Problems 15 seconds 30 seconds 45 seconds 20 seconds

No. of Items 7 7 7 -

Corresponding points 3 5 7 -

IRR 5.2 Contestants shall be provided with a copy of the question for every item.
The contestants must not flip the copy of the question until the quizmaster
announces the question number that would serve as a go signal for a
contestant to read the provided question. Any contestant who violates the
said provision for the 2nd time shall be given sanction of accumulating only
50% of his total score garnered in all rounds. Violation of this provision for
the 3rd time shall mean disqualification of the contestant.
IRR 5.3 The contestants are allowed to manipulate their calculator only when the
quizmaster says GO! On the other hand, each contestant is given the
privilege to start writing on the scrap paper provided for them while the
Quiz Master is reading the question.

IRR 5.4 The contestants should have written their answers before the time allotted
has elapsed. They must raise their answer boards once the quizmaster says
so. Any contestant who fails to comply will receive a warning and his
answer may be forfeited depending upon the decision of the board of
judges.

IRR 5.5 The top 10 shall advance to the final round and all scores shall revert back
to zero.

IRR 5.6 A total of 25 questions shall be given on the final round. The pointing
system shall be in a correct minus wrong scheme.

Theories Problems

Time Allotment 20 seconds 60 seconds

Points per Correct Answer 7 10

Points per Incorrect Answer 3 5

IRR 5.7 Finalists shall have the discretion if they like to raise their answer boards or
not. However, raising a board with an incorrect answer shall trigger the
deduction on the score. If a contestant refuses to raise his or her answer
board, no point deduction shall be given.
IRR 5.8 The top three contestants shall be announced as the winners for their
respective events. A contestant who failed to raise his or her board at least
five times cannot qualify in the top three.

IRR 6.0 AMENDMENTS OR REVISIONS

IRR 6.1 The Regional Executive Officers shall be vested with the exclusive power to
revise and amend the Implementing Rules and Regulations.

IRR 6.2 Any amendments to or revisions to this Implementing Rules and

Regulations may be proposed by any member of any local council upon a
written request of such member, stating the reasons thereto.

IRR 6.3 Any request for amendments and revisions as well as proposed
amendments must initially be reviewed by the Regional Vice President for
Academics then to be forwarded to the Regional Executive Officers for
discussion, editing and final approval and to be noted by the Regional
Adviser/s.

IRR 6.4 The Regional Executive Officers shall have the right to debunk any
proposed revisions and amendments, submitted to them by the Regional
Vice President for Academics, which are deemed unnecessary. The final
decision on any inclusions and exclusions to this Implementing Rules and
Regulations must be determined by a majority vote of all Regional
Executive Officers in which the Regional Vice President for Academics is
included.

IRR 6.5 Amendments to particular provisions in this Implementing Rules and

Regulations shall be allowed provided that such amendments will be
 communicated to stakeholders at least two weeks before it could take
effect.

IRR 7.0 SEPARABILITY CLAUSE

IRR 7.1 If any clause, provision, paragraph or part of this Implementing Rules and
Regulations shall be declared unconstitutional or invalid, such judgment
shall not affect, invalidate, or impair any other part hereof, but shall be
merely confined to the clause, provision, paragraph or part directly involved
in the controversy in which such judgment has been rendered.

IRR 8.0 REPEALING CLAUSE

IRR 8.1 Any rule and regulation or resolution or part/s thereof inconsistent with the
provisions of this Implementing Rules and Regulations are hereby repealed
or modified accordingly.

PREPARED BY:

Aira Jerrilie B, Acdan

REGIONAL VICE PRESIDENT FOR
ACADEMICS
Mariano Marcos State University
APPROVED BY:

Claudine Nicole D. Valenzuela

REGIONAL PRESIDENT
University of Baguio

NOTED BY:

Ma. Kristel Kae T. Sacoco

REGIONAL ADVISER FOR ACADEMICS