Thursday, May 26, 2016
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COA updates professional standards framework, May 16, 2016

  • The Philippine Commission on Audit (COA) updated its professional standards framework emphasizing independence of Supreme Audit Institutions (SAIs), good practices of transparency and accountability and revisions on financial, compliance and performance audits guidelines.
     
  • COA adopted the Revised Framework of Professional Standards through Resolution No. 2016-007 on May 3, 2016. The framework was based on a study of applicable laws using the International Standards of Supreme Audit Institutions (ISSAI) and in harmony with the International Organization of Supreme Audit Institutions (INTOSAI) Framework of Professional Standards.
     
  • Included in the revised framework is ISSAI 10 or The Mexico Declaration on SAI Independence which sets up eight core principles for SAI independence: existence of an appropriate and effective constitutional/statutory/legal framework; independence of SAI heads and members of collegial institutions; sufficiently broad mandate and full discretion in the discharge of SAI functions; unrestricted access to information; rights and obligation to report on work; freedom to decide the content and timing of audit reports and to publish and disseminate them; existence of effective follow-up mechanisms on SAI recommendations; and financial and managerial/administrative autonomy and the availability of appropriate human, material and monetary resources. ISSAI 10 was approved by INTOSAI members at the XIXth Congress held in Mexico in 2007.
     
  • The COA Revised Framework of Professional Standards also include ISSAI 11 on Guidelines and Good Practices Related to SAI Independence, ISSAI 12 on the Value and benefits of Supreme Audit- making a difference to the lives of citizens, and ISSAI 21 on Principles of Transparency and Accountability- Principles and Good Practices.
     
  • COA also adopted revisions made by the INTOSAI regarding fundamental concepts and principles of the three types of audit- financial, compliance and performance audits.
     
  • COA first issued the Framework of Professional Standards through COA Resolution No. 2013-006 on January 29, 2013 to provide an overview of all the standards and guidelines for public sector auditing, assurance engagements and other related services in the Philippines and to harmonize current standards in the Philippines with international standards on auditing.

 

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President's Message

Certified Public Accountants (CPAs) in government are again meeting in the Government Association of CPAs (GACPA) Annual National Convention in Legaspi City, Albay on April 27-30, 2016. Looking back thirty eight years after, we could see the significant achievements of this organization in the field of accounting and auditing. This is so because of the dedication and forbearance of all its officers and members.

It is well noted that for all the years, government accountants are solidly behind and supportive of all the objectives of GACPA. This includes compliance by government CPAs with professional standards, rules and code of professional conduct which are aligned with global standards. To become globally competitive, it means for us accountants to level up to world class.

The international norms demand that our accountants possess a high degree of integrity, competence, and excellence, and demonstrate strong ethical values, ultimately making us at par with other CPAs around the world.  In performing accountancy work, Filipino CPAs have always maintained a culture of quality. I am happy to announce that in a very short while, the Philippine Accountancy profession will attain the Institutionalization Stage of the Institute for Solidarity in Asia, a once-in-lifetime achievement and such a great honor for all Filipino CPAs.

On the occasion of the 38th ANC, let me ask everyone to link arms and continuously sustain what we have earnestly labored for. My sincerest wishes for a successful and fruitful 4-day Convention-Seminar.

May God bless GACPA and all its endeavors.

CONGRATULATIONS AT MABUHAY ANG PILIPINO CPAs!

WILFREDO A. AGITO
GACPA National President 2015-2016