Committee Details
Legislative History
| House Bill/Resolution NO. HB00166 | |
| FULL TITLE : AN ACT PROVIDING FOR A PRESCRIPTIVE PERIOD FROM WHICH COA MAY CONDUCT AUDITS AND ISSUE A DECISION ON CASES, AMENDING THE STATE AUDIT CODE OF THE PHILIPPINES (P.D. 1445) FOR SUCH PURPOSES | |
| ABSTRACT : Intends to address COA’s practice of conducting post-audit many years after the grant of the fund to the implementing agencies (IAs) and NGO/PO partners which does not sit well with its time-bound monitoring and inspection audit function.Proposes that a prescriptive period of two (2) years shall be strictly observed to reflect the preventive nature of the Commission’s function in relation to its visitorial authority to non-government entities subsidized by the government . . . pertaining only to the authority of those funds or subsidies coming from or through the government, and over non-governmental entities whose loans are guaranteed by the Government, . . . provided that such authority shall pertain only to the audit of the government’s contingent liability.Proposes further that in the discharge of powers, functions, and duties of auditors as representatives of the Commission, “a prescriptive audit period of two (2) years shall be strictly observed from the completion of a project which financial transaction or undertaking is the subject matter of such audit.†| |
| PRINCIPAL AUTHOR/S : MARCOLETA, RODANTE D., TANCHAY, CAROLINE L. | |
| DATE FILED : 2022-06-30 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Rivera (000 2022-09-06) | 2. Mariño (000 2022-12-01) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON REVISION OF LAWS ON 2022-07-26 |
Abstract
ABSTRACT : Intends to address COA's practice of conducting post-audit many years after the grant of the fund to the implementing agencies (IAs) and NGO/PO partners which does not sit well with its time-bound monitoring and inspection audit function.Proposes that a prescriptive period of two (2) years shall be strictly observed to reflect the preventive nature of the Commission's function in relation to its visitorial authority to non-government entities subsidized by the government . . . pertaining only to the authority of those funds or subsidies coming from or through the government, and over non-governmental entities whose loans are guaranteed by the Government, . . . provided that such authority shall pertain only to the audit of the government's contingent liability.Proposes further that in the discharge of powers, functions, and duties of auditors as representatives of the Commission, "a prescriptive audit period of two (2) years shall be strictly observed from the completion of a project which financial transaction or undertaking is the subject matter of such audit."