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The Commission on Audit (COA; Filipino: Komisyon sa Awdit [2] or officially Komisyon ng Pagsusuri) is an independent constitutional commission established by the Constitution of the Philippines. It has the primary function to examine, audit and settle all accounts and expenditures of the funds and properties of the Philippine government. [3]
The agency was created on January 2, 1991, by virtue of Republic Act No. 6975, also known as the Department of the Interior and Local Government Act of 1990. [4] Prior to its creation, the Office of Jail Management and Penology of then Philippine Constabulary - Integrated National Police was the agency handling the local penology of the Philippines. [4]
The Internal Audit Service is the title of several government bodies responsible for internal audit: Philippines ... At the Department of Health (Philippines)
The Internal Affairs Service (IAS) of the Philippine National Police (PNP) which investigates infractions allegedly committed by the members of the PNP. [2] It was created pursuant to Republic Act (RA) 8551 otherwise known as "The PNP Reform and Reorganization Act of 1998", [1] and is tasked to instill police discipline, enhance the delivery of police service and dispense justice.
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. [1]
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory.
It serves to require the auditor to understand the client's accounting system and internal control system and to assess control risk and inherent risk. The objective is to determine the nature, timing and extent of substantive procedures in order to reduce audit risk to an acceptable low level.
Assessing and responding to audit risk in a financial statement audit full-text: 04-02: 2009: Assessing and responding to audit risk in a financial statement audit, revised edition as of October 1, 2009: 04-03: 2012: Assessing and responding to audit risk in a financial statement audit, with conforming changes as of March 1, 2012: 04-04: 2014