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    404 - Assignment On Benchmarking

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    jamesbenedict.bantiling.21

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    404 - Assignment On Benchmarking

    Uploaded by

    jamesbenedict.bantiling.21
    3 views2 pages

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    404_Assignment on Benchmarking

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    404 - Assignment On Benchmarking

    Uploaded by

    jamesbenedict.bantiling.21

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    1.

    The issues faced by internal and operational auditors in the Philippines are likely similar to those
    highlighted in the **2023 Pulse of Internal Audit** report from the US, particularly regarding budget
    constraints, staffing challenges, and the focus on high-risk areas. Just as US auditors have reported a
    recovery in budgets post-COVID, Philippine auditors may also be experiencing similar trends as
    organizations stabilize after the pandemic. However, the specific economic and regulatory environment
    in the Philippines can create unique challenges. For instance, compensation expectations can be a
    barrier to recruitment in both regions, but the local job market dynamics and cost of living may influence
    this differently in the Philippines. Additionally, while cybersecurity is a growing concern globally, its
    urgency may vary based on the maturity of organizations in the Philippines and their digital
    transformation efforts. Therefore, while there are commonalities in challenges, local context plays a
    significant role in shaping these issues.

    2. To improve and strengthen internal and operational audits in the Philippines, several strategies should
    be considered. First, enhancing training programs for auditors is essential to keep pace with evolving
    risks and technologies. This includes not only technical skills but also soft skills like communication and
    critical thinking. Second, leveraging technology through data analytics tools can help auditors identify
    risks more effectively and streamline audit processes. Third, fostering collaboration between internal
    audit teams and other departments can create a more integrated approach to risk management. This
    collaboration can enhance risk awareness across the organization and ensure that audit findings are
    actionable. Finally, advocating for adequate budgets by demonstrating the value of internal audits can
    help secure necessary resources for effective auditing practices. By addressing these areas, internal
    audits in the Philippines can better meet contemporary challenges and contribute significantly to
    organizational governance and risk management.

    1. BENCHMARKING CAN BE DONE WITH ANY OF THE FOLLOWING, EXCEPT FOR:

    a. INDUSTRY LEADERS C. SIMILAR ORGANIZATIONS

    b. DIFFERENT INDUSTRIES D. MEMBERS OF CONGLOMERATE

    2. A DRAMATIC BUSINESS PROCESS IMPROVEMENT

    a. INCREMENTAL C. CONTINUOUS

    b. REENGINEERING D. CONSISTENT IMPROVEMENT

    3. WHAT HAPPENS TO GAPS IN INCREMENTAL IMPROVEMENTS THAT ARE FOUND DURING


    BENCHMARKING BUT CHANGES ARE NOT MADE?

    a. It grows wider and bigger c. It grows smaller

    b. It fizzles out d. Best practices are higher

    4. A benchmarking category where the capabilities of products and services are determined and
    compared against that of the competitor’s:

    a. Competitive c. Comprehensive
    b. Technical d. automated

    5. A benchmarking consideration that states a subject that is not critical to the organization’s
    success won’t return enough benefits to make the study worthwhile.

    a. Significant investments of manpower and time C. Inadequate resources

    B. Unavailability of necessary information D. Too broad a scope

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