The Commission on Audit (COA) and the Accounts Chamber of the Russian Federation formed an agreement to increase the efficiency of state audit (control), one of many agreements signed between the Philippines and Russia on the sidelines of the bilateral meeting between President Rodrigo Roa Duterte and Prime Minister Dmitry A. Medvedev on 13 November 2017 during the East Asia Summit hosted by the Philippines.
The Memorandum of Understanding between COA and the Supreme Audit Institution (SAI) of Russia provides for an exchange of experience and organization of joint research projects and activities of mutual interest, professional training and improvement of professional standards of personnel, exchange of information and reference materials including standards and developments in the sphere of external state audit, conduct of joint and parallel control and expert-analytical activities; and other mutually acceptable forms of cooperation.
“This agreement is based on mutual trust and respect and is an extraordinary opportunity for both of us to learn best practices from each other and improve our respective systems. We look forward to the various joint activities,” Chairperson Aguinaldo said.
Both parties agreed to develop the cooperation based on bilateral basis and within the framework of the International Organization of Supreme Audit Institutions and other cooperation formats.
The agreement called on both parties to act within the limits of their competence and with full respect for the legislation and international obligations of their respective states.