COMMISION ON AUDIT

Topics: Annual report, Financial statements, Balance sheet Pages: 7 (259 words) Published: February 28, 2015
ARTICLE 9
D. COMMISION ON
AUDIT
Section 2-4

Section 2
 The

commision on audit has a power
, authority and duty ;the concept of
examination , auditing and
settlement of accounts.

Power and Functions of the
Commision
1.To examine , audit , and settle
accounts.
2.To act as central accounting office of
the government.
3.To define the scope of its audit and
examination.
4.To promulgate accounting and auditing
rules and regulations.
5.To submit an annual financial report and
recommend measures.
6.To perform other duties and functions.

CONCEPT OF EXAMINATION, AUDITING,
AND SETTLEMENT OF ACCOUNTS
1.

Examine

2.

To Audit is to adjust.

3.

To settle means to establish,
to free from uncertainty.

4.

An account .

SECTION 3
 No

law shall be passed
exempting any entity of the
Government or its subsidiary
in any guise whatever , or
any investment of public
funds, from the jurisdiction
of the Commision on Audit.

SECTION 4
 There

is a schedule where COA is
required to submit significant
annual reports to the congress
and president , reports about
financial condition and operation
of government and its
subdivision on will be more
effective and efficient.

Section 4
 The

Commision shall submit to the President
and the Congress within the time fixed by
law , an annual report covering the
financial condition and operation of the
Governments its subdivisions, agencies, and
instrumentalities, including governmentowned or –controlled corporations,and nongovernmental entities subject to its audit,and recommended measures necessary to
improve their effectiveness and efficiency.
It shall submit such other reports as may
be required by law.

Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay about Audit
  • Audit Essay
  • Essay about audit
  • Audit Essay
  • Audit Essay
  • The Audit Essay
  • audit Research Paper
  • Audit Essay

Become a StudyMode Member

Sign Up - It's Free