Asst. Commissioner Emma M. Espina Commission on Audit

COA’s 7 POINT POLICY COA’s 7 POINT POLICY

DIRECTIONDIRECTION

Risk-Based Audit ApproachRisk-Based Audit Approach Selective Pre-AuditSelective Pre-Audit Organizational RestructuringOrganizational Restructuring Settlement of AccountsSettlement of Accounts

COA’s 7 POINT COA’s 7 POINT POLICY DIRECTIONPOLICY DIRECTION

Fraud AuditFraud Audit e-NGAS Assessmente-NGAS Assessment Keeping the General Accounts Keeping the General Accounts

of the Government of the Government

AUDIT CONCERNSAUDIT CONCERNS

1.1. Timely submission of Financial Timely submission of Financial Reports (Trial Balances, Reports (Trial Balances, Financial Statements & Financial Statements & supporting schedules)supporting schedules)

2. 2. Timely submission of Timely submission of Contracts/ Purchase Orders Contracts/ Purchase Orders (POs)(POs)

3. Monthly preparation of Bank 3. Monthly preparation of Bank Reconciliation StatementsReconciliation Statements

4.4. Reconciliation of subsidiary Reconciliation of subsidiary ledgers and general ledgers ledgers and general ledgers (Receivables/Payables/Fixed (Receivables/Payables/Fixed Assets)Assets)

AUDIT CONCERNSAUDIT CONCERNS

5. Analysis/adjustment of major, 5. Analysis/adjustment of major, dormant accounts.dormant accounts.

AUDIT CONCERNSAUDIT CONCERNS

PD No. 1445PD No. 1445 Section 122Section 122.. Submission of Submission of Reports Reports

Whenever deemed necessary in the Whenever deemed necessary in the exigencies of the service, the exigencies of the service, the Commission may under regulations Commission may under regulations issued by it require the agency issued by it require the agency heads, chief accountants, budget heads, chief accountants, budget officers, cashiers, disbursing officers, cashiers, disbursing officers, administrative or personnel officers, administrative or personnel officers, and other responsibleofficers, and other responsible

PD No. 1445PD No. 1445 Section 122Section 122. . Submission of Submission of Reports Reports

officials of the various agencies to officials of the various agencies to submit trial balances, physical submit trial balances, physical inventory reports, current plantilla of inventory reports, current plantilla of personnel, and such other reports as personnel, and such other reports as may be necessary for the exercise of may be necessary for the exercise of its functions.its functions.

Failure on the part of the officials Failure on the part of the officials concerned to submit the concerned to submit the documents and reports mentioned documents and reports mentioned herein shall automatically cause herein shall automatically cause the suspension of payment of their the suspension of payment of their salaries until they shall have salaries until they shall have complied with the requirements of complied with the requirements of the Commission.the Commission.

Continuation….Continuation….PD No. 1445PD No. 1445 - - Section 122Section 122.. Submission of Reports Submission of Reports

No appropriation authorized in the No appropriation authorized in the General Appropriation Act shall be General Appropriation Act shall be available to pay the salary or any available to pay the salary or any official or employee who violates the official or employee who violates the provisions of this section, without provisions of this section, without prejudice to any disciplinary action prejudice to any disciplinary action that may be instituted against such that may be instituted against such official or employee.official or employee.

Continuation….Continuation….PD No. 1445PD No. 1445 - - Section 122Section 122.. Submission of Reports Submission of Reports