Participants of the seminar on Financial Audit held at the Professional Development Center, COA, Commonwealth Ave., QC on 11-15 February 2019.
Quezon City – To improve its audit services and to enhance the degree of confidence of intended users in public financial statements, the Commission on Audit (COA) recently developed the Financial Audit Manual (FAM) that is compliant with International Standards in auditing. The FAM was subsequently adopted through COA Resolution No. 2019-004 in March 22, 2019. The manual will be launched in the Commission’s website this month of August and shall be included among the regular training courses of the COA Professional and Institutional Development Sector (PIDS) starting this year.
The Commission developed the FAM in cooperation with the Asian Development Bank (ADB) under the Regional Capacity Development Technical Assistance entitled: Enhancing the Roles of Supreme Audit Institutions in Selected Association of South East Asian Nations. The project was funded by the Japan Fund for Poverty Reduction.
The Commission worked with consultants from the ADB to develop the FAM which contains tailor-made templates for e-auditing. The partnership ensured that the FAM would be customized and adapted to guide COA auditors and audit teams in the conduct of financial audit of all agencies of the government.
Compliant with the International Standards of Supreme Audit Institutions (ISSAIs), the FAM ensures the Commission meets the expectations of stakeholders through quality audits and strengthen accountability and transparency of government. With the adoption of FAM, COA has put in place policies and procedures for its auditors which interpret and implement the standards in the context of COA.
The FAM will put into practice the International Organization of Supreme Audit Institutions (INTOSAI) Development Initiative’s plan to promote the implementation of INTOSAI audit principles into audit procedures resulting in quality financial audits communicated through audit reports to stakeholders and increasing their confidence in public financial statements as well as enabling better control of taxpayers’ money. Ultimately, the Commission directly contributes in strengthening accountability, integrity, and transparency of government.
The Commission will be evaluating the results of the first-year implementation of the FAM and undertake the appropriate revisions to ensure continuous compliance with the ISSAI.