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Financial Management

The Commission on Audit (COA) is the Philippines' Supreme Audit Institution established by the 1987 Constitution to audit all government accounts, prescribe accounting and auditing rules, and define the scope of its audits. It examines, audits, and settles all accounts of government revenue, expenditures, and asset use. It also submits annual reports to Congress and recommends improvements to government operations. The COA was granted authority to prescribe the New Government Accounting System to adopt international standards and improve financial reporting, management, and public access to information.

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28 views

Financial Management

The Commission on Audit (COA) is the Philippines' Supreme Audit Institution established by the 1987 Constitution to audit all government accounts, prescribe accounting and auditing rules, and define the scope of its audits. It examines, audits, and settles all accounts of government revenue, expenditures, and asset use. It also submits annual reports to Congress and recommends improvements to government operations. The COA was granted authority to prescribe the New Government Accounting System to adopt international standards and improve financial reporting, management, and public access to information.

Uploaded by

Jeremiah Mesiano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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THE COMMISSION ON AUDIT

1987 PHILIPPINE CONSTITUTION ARTICLE IX-D

The COA is the Philippines’ Supreme State Audit


Institution. The Philippine Constitution declares its
independence as a constitutional office, grants it
powers to audit all accounts pertaining to all
government revenues and expenditures/uses of
government resources and to prescribe accounting
and auditing rules, gives it exclusive authority to
define the scope and techniques for its audits, and
prohibits the legislation of any law which would
limit its audit coverage.
What is the Role of COA?
Under Article IX-D, Section 2 (1) of the 1987
Philippine Constitution:
“The Commission on Audit shall have the power,
authority, and duty to examine, audit, and settle
all accounts pertaining to the revenue and
receipts of, and expenditures or uses of funds and
property, owned or held in trust by, or pertaining
to, the Government, or any of its subdivisions,
agencies, or instrumentalities, including
government-owned or controlled corporations xxx
xxx xxx.”
How do we account for govt.

The 1987 Philippine Constitution under


Section 2 (2), Article IX-D, granted COA
to prescribe the New Government
Accounting System (NGAS).
Why use NGAS?
The shift to NGAS was made to respond to the ff:
 Adoption of a system in accordance with International
Accounting Standards (IAS);
 Pursuit of eventual computerization, which will
include responsibility accounting, ensuring the
generation of various reports useful to management,
lawmakers and the general public;
 Generation of relevant and periodic financial
statements;
 Effective tool for managers and executives in
effective and efficient monitoring of agency
performance.
• Examine, audit and settle all accounts pertaining to the revenue
and receipts of, and expenditures or uses of funds and property
owned or held in trust by, or pertaining to, the government.
• Promulgate accounting and auditing rules and regulations
including those for the prevention and disallowance of irregular,
unnecessary, excessive, extravagant or unconscionable
expenditures, or uses of government funds and properties.
• Submit annual reports to the President and the Congress on the
financial condition and operation of the government.
• Recommend measures to improve the efficiency and
effectiveness of government operations.
• Keep the general accounts of government and preserve the
vouchers and supporting papers pertaining thereto.
• Decide any case brought before it within 60 days. Performs such
other duties and functions as may be provided by law.
List of COA Reports
 Annual Audit Reports
 Annual Financial Reports
 Audit Performance Summary Reports
 Citizen Participatory Audit Reports
 Disaster Risk Reduction and Management Reports
 Special Audit Reports
 Official Development Assistance (ODA) Projects Reports
 Reports on Salaries and Allowances (GOCCs)
Issuances:
 Circulars
 COA Decisions
 Revised Rules of Procedure
 Jurisprudence and Key legislations
 Accounting Issuances and other
related issuance
Quick Links:

Reference:
 http://www.coa.gov.ph/
 https://en.wikipedia.org

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