What are the risk based audit procedures for:

• Government-owned and controlled corporation or Local Government units
• Banks
• Insurances
• Real Estate

2 What are the differences in the risk based audit of Government-owned and controlled corporation or Local Government units, banks, insurances and real estate?

3 What are the differences in auditing Specialized Industries and Non-Specialized industries?

4 What is the importance of internal control in Specialized Industries

5 What is an audit residency program?

6. According to the Government Auditing Code of the Philippines, the COA operates under the "audit residency approach", base on your opinion, how can the COA auditor preserve his/her independence? What are the reasons why they follow such approach?