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Government Accounting And Auditing In The Philippines

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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 restrict 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.

COCA is the final auditor, and Commission also audits its own findings, if they see irregularities on the past audits, they address it immediately to overturn previous decisions, investigate and file administrative cases to those who were involved.

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The Commission has very strict rules for its auditors and policing its own actions is very Important to achieve audit results that are free from manipulation and external Influences. Taking Into serious consideration these audit findings, will give the government a chance to look Into the cause of our problems and address it.

These will also improve the government employees’ performance because they know that there is the COCA to check if they are using the national resources for the serving the public.

Is there a need to put government accountants under the Jurisdiction of a separate/independent commission? Why/ why not? Accountants auditing the government must be independent from the offices of the overspent to avoid their audit results to be stained or manipulated.

If government accountants do not have a separate commission they will be dependent to the resources of the other government offices and this might yield to one sided findings in favor of the government office. The COCA is created because of this need for independence. Even though today we have COCA offices dependent on the local offices they audit for office space, this is now being addressed by creating COCA provincial offices. Entry system is preferred over the single entry because it provides several forms of error checking every financial transaction results in both debit entry in one account and an equal offsetting credit.

PDA and TAP were declared unconstitutional by the SC. In the case of PDA, illustrated notable government personalities were charged of criminal liabilities. In the case of TAP, the process has yet to be completed and liabilities to be determined later. Are they clear instances of the failure of state accounting and auditing tools of public accountability? PDA and TAP are products of careful planning by those people who want to use the amounts financial resources for their own sake. They are not products of failure of state accounting and auditing.

The COCA is doing their Job. The Philippines is equipped with the best knowledge of accounting and auditing. These people’s Job is to account and audit and to safeguard our resources from those who want to squander it. And I believe these people won’t be hired if they’re not good at what they’re supposed to do. PDA and TAP were planned, the people behind these know from the start what the findings would be. But despite it, they continued their plan, aiding evidences of results and hoping that the public won’t notice.

But people nowadays use their brains, they know now also on how to watch for themselves, they are now more alert on these circumstances. That’s why TAP and PDA were exposed. 5. Twenty public accounting and auditing and those practiced in the private sector, Inch is more effective? Explain. Use specific examples. Ere governmental accounting system has a different focus for measuring accounting than private sector accounting. Rather than measuring the flow of economic sources, governmental accounting measures the flow of financial resources.

Instead of recognizing revenue when they are earned and expenses when they are Incurred, revenue is recognized when there is money available to liquidate liabilities Nothing the current accounting period, and expenses are recognized when there is a drain on current resources. Public accounting and auditing is wider has broader range and effective than the private which has many specialized areas. If you are used to public accounting you can easily adapt to the private settings. Inch would serve best its purpose?

Cite this Government Accounting And Auditing In The Philippines

Government Accounting And Auditing In The Philippines. (2018, Jan 02). Retrieved from https://graduateway.com/government-accounting-and-auditing-in-the-philippines/

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