Commission on Audit (COA) Commissioner Jose A. Fabia emphasized the role of audit in governance at the Philippine Council of Deans and Educators in Business (PCDEB)’s 118th Founding Anniversary held at the AG New World Manila Bay Hotel on 22 February 2019. PCDEB’s anniversary theme was "Bringing Business Education in a Transformative Era."
Commissioner Fabia said audit ensures accountability which plays a major role in governance.
"For you to be accountable, there is always a system of accountability that is inside your own institutions which you submit every year to the Securities and Exchange Commission. If you're in government, on the other hand, you are also accountable and your accountability is measured and examined by the Commission on Audit," Commissioner Fabia pointed out.
Commissioner Fabia detailed the role of COA in the audit of government funds, explaining the various audits COA performs and the quasi-legislative and quasi-judicial powers of COA to make sure that there is accountability in the government. He also described the role of the Commission Proper in promulgating rules and regulations for accounting and auditing that is in accordance with international standards and said that COA has to determine the checks and balances within the organization to make sure that there is good governance existing in all government agencies. "We have to make sure that all officials in government who hold money and make decisions about money are accountable for the money that they spent," Commissioner Fabia added.