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. #