Commission on Audit (COA) Chairperson Michael G. Aguinaldo, COA Commissioner Jose A. Fabia and Institute of Internal Auditors Philippines, Inc. (IIA-P) Chairperson and President Myrna E. Amahan signed the Memorandum of Agreement (MOA) on 24 October 2017 at the COA CP Boardroom.
The Commission on Audit (COA) formed a partnership with the Institute of Internal Auditors Philippines, Inc. (IIA-P), a non-stock, non-profit organization that promotes education and professional development for internal audit professionals, to support advocacies and initiatives for a strong internal auditing in the Philippine government.
COA Chairperson Michael G. Aguinaldo and IIA-P Chairperson and President Myrna E. Amahan signed the Memorandum of Agreement (MOA) on 24 October 2017 at the COA CP Boardroom. COA Commissioner Jose A. Fabia witnessed the signing.
The MOA calls for collaborative efforts to establish competency for internal auditors in the public sector and develop programs to level up internal audit to international standards. Both parties will provide opportunities for briefing on internal auditing principles and standards to ensure congruence in the practice of internal audit in the public sector while IIA-P will also provide training related to internal audit.
“Although we are external auditors, part of our role is also to evaluate the strength of internal control systems of government agencies. For this purpose, we have come up with standards by which internal control systems can be evaluated,” Chairperson Aguinaldo said.
‘We appreciate the effort of the Institute because it is important for us to harness stakeholder participation,” he added.
COA issued Resolution No. 2016-016 on 30 September 2016, adopting the Philippine Internal Auditing Framework for Public Sector and Philippine Internal Control Framework for Public Sector. COA also developed the Handbook on Philippine Internal Auditing Standards for the Public Sector to provide applicable guidelines essential for the professional practice of internal auditing and guidance for establishing, implementing and maintaining effective internal control in all government agencies.