1. Discuss the importance of segregation of duties (ARC-Authorization, Recording, and Custody) as part of internal control. 2. Discuss the roles of management and internal audit in managing fraud risk. 3. Identify/ enumerate the changes and proposed amendments in the Philippines Accountancy Act of 2004, if any. Sec 15. Scope of examination Sec 16. Rating in the Licensure Examination Sec 18. Falling Candidate to take the refresher course Sec 31. Accreditation to public practice (no. of units) Sec 32. Continuing professional education (in relation to renewal)