1. 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.

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Presentation transcript:

1. 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; 2. Promulgate accounting and auditing rules and regulations including those for the prevention and disallowances of irregular, unnecessary, excessive, extravagant or unconscionable expenditures, or uses of government funds and properties; 3. Submit annual reports to the President and the Congress on the financial condition and operation of the government;

4. Recommend measures to improve the efficiency and effectiveness of government operations; 5. Keep the general accounts of government and preserve the vouchers and supporting papers pertaining thereto; 6. Decide any case brought before it within 60 days; and 7. Perform such other duties and functions as may be provided by law.

In 2003, the Commission on Audit (COA) has already introduced the Risk-based approach in the conduct of its financial audit. However in September 2011, COA adopted the Integrated Results and Risk-Based Audit covering Financial, Compliance and Performance audits.

The following templates are used in documenting the audits performed in compliance with the ISSAI: 1. Strategic Planning and Risk Identification Form Government Risk Model (GRM) Form Government Risk Identification Template (GRIT) 2. Agency Audit Planning and Risk Assessment Form Agency Audit Workstep Form Understanding the Agency (UTA) Template Form Agency Risk Model (ARM) Form Agency Risk Identification (AgRI) Matrix Form Agency-level Control Checklist (ALCC) Form Process-Risk-Control (PRC) Matrix Form Audit Risk Assessment and Planning (ARAP) Tool

3A. Delivery: Execution Form 03A-01 Audit Test Summary (ATS) 3B. Delivery: Conclusion and Reporting Form 03B-01 Summary of Audit Results and Recommendations (SARR) Form 03B-02 Quality Inspection Tool (QIT) Form 03B-03 Agency Action Plan (AAP) Form 03B-04 Action Plan Monitoring Tool (APMT)

As part of its mandate, COA promulgated the adoption of Philippine Public Sectors Accounting Standards (PPSAS), as supported by issuance of COA Resolution No , for National Government Agencies, Local Government Agencies and Government Owned and/or Controlled Corporations (GOCCs) not considered as Government Business Enterprises. However, IFRS is still the reporting framework of GOCCS considered as Government Business Enterprises.