COA pushes for a more effective use of Disaster Funds

Quezon City, 15 August 2014– The Commission on Audit improves transparency and accountability on the use of disaster funds by launching the Disaster Risk Reduction and Management (DRRM) Accounting and Reporting Guidelines to all government agencies in line with its constitutionally mandated duty of promulgating accounting and auditing rules and regulations.

The set of guidelines formulated by COA, in partnership with the Australian Embassy, establishes the proper decorum on the receipt and utilization of DRRM funds. The guidelines, benchmarked against international standards on accounting and audit, will ensure that all disaster related funds and donations are properly accounted for and that DRRM funds are properly utilized for the purpose.

The need to come up with the guidelines had risen after a series of catastrophes, the most recent being the devastating typhoon Yolanda (Haiyan), when auditors face the challenge of protecting disaster funds without impeding rapid response and recovery assistance.

The launching of the DRRM Accounting and Reporting Guidelines is spearheaded by COA Chairperson Maria Gracia Pulido Tan and Ambassador Bill Tweddell of the Australian Embassy. A total of 120 participants, including honored guests coming from the Australian Embassy, other development partners, key officials of national government agencies involved in disaster management, are also present to witness the event. An Executive Briefing follows in the afternoon showcasing a synopsis of the accounting guidelines.