Updates on Prescribing the Revised Guidelines and Documentary Requirements for Fund Transfers
COA Circular No. 002-16 updates the guidelines and documentary requirements for fund transfers to implementing agencies, amending provisions from COA Circular No. 2012-001. It emphasizes the need for a Certification by the Accountant confirming that previously transferred funds have been liquidated and accounted for, removing the requirement for post-audit before subsequent fund releases. The aim is to safeguard public funds while facilitating government programs. Auditors will continue to employ a Risk-Based Audit Approach for ongoing oversight of projects and transactions. This circular took immediate effect and was published on June 9, 2016.
Law Information
- Reference Number
- COA Circular No. 002-16
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Commission on Audit
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 31, 2016
COA CIRCULAR NO. 002-16
| TO | : | All Heads of Departments, Bureaus, Offices, Agencies and Instrumentalities of the National Government, Heads of Local Government Units, Managing Heads of Government-Owned and/or Controlled Corporations, COA Assistant Commissioners, COA Directors, COA Auditors and All Others Concerned |
| SUBJECT | : | Updates on Prescribing the Revised Guidelines and Documentary Requirements for Fund Transfers |
This Circular is issued to update the revised guidelines and documentary requirements for fund transfers to implementing agencies prescribed under COA Circular No. 2012-001 dated June 14, 2012.
In line with the Commission's commitment to safeguard public funds against misuse, and at the same time, to be an enabler of government programs and projects, the submission of the Certification by the Accountant that funds previously transferred to the Implementing Agency (IA) has been liquidated, post audited and accounted for in the books as part of the documentary requirements for fund transfers stated in Item 3.1.1 of COA Circular No. 2012-001 is hereby amended to read as follows —
"Certification by the Accountant that funds previously transferred to the Implementing Agency (IA) has been liquidated and accounted for in the books."
The post-audit of transactions is not a prerequisite to the succeeding release of funds.
The Auditors concerned shall continue to audit projects and transactions of the implementing Agencies using Risk Based Audit Approach.
This Circular shall take effect immediately.
(SGD.) MICHAEL G. AGUINALDOChairperson
(SGD.) JOSE. A. FABIACommissioner
(SGD.) ISABEL D. AGITOCommissioner
Published in The Philippine Star on June 9, 2016.
Cite This Law
Updates on Prescribing the Revised Guidelines and Documentary Requirements for Fund Transfers, COA Circular No. 002-16, May 31, 2016 (Philippines)
Updates on Prescribing the Revised Guidelines and Documentary Requirements for Fund Transfers, COA Circular No. 002-16 (Phil. 2016)
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