Published: 23 February 2021
“Look at our society. Everyone wants to be thin, but nobody wants to diet. Everyone wants to live long, but few will exercise. Everybody wants money, yet seldom will anyone budget or control their spending”– John Maxwell
Commission on Audit (COA) Commissioner Roland C. Pondoc quoted American author John Maxwell during his online presentation as the keynote speaker for the National University Junior Philippine Institute of Accountants (NUJPIA) career path event with the theme, “UPSTREAM 2021: Streamlining the Realm of Accountants” held on 10 and 17 February 2021.
NUJPIA’s two-day series of webinars and activities aimed to help students and participants to know the different fields of Accounting and help them assess their core competencies and skills which are in line with their chosen profession.
Commissioner Pondoc’s talk was the fifth webinar topic. He discussed Public Accounting and its differences with Private Accounting. “Principally, there should be no difference among these two accounting systems, as both systems follow the same rules, same principle for debiting and crediting the transactions. However, the objectives of government institutions and private undertakings are quite different,” Commissioner Pondoc explained.
The Commissioner said the objective of commercial undertakings is to earn profit, while the objective of government accounting is to present the true picture of the financial statement of government including the presentation of the annual budget, allocation, and monitoring of expenditures to ensure their best utilization for public purpose.
Commissioner Pondoc also talked about COA as a Supreme Audit Institution, the various kinds of audits and how COA communicates the results of its audits, COA’s Strategic Goals, and various programs such as the Intensified Management Program on Integrity (#IMPro_Integrity_COA), the Joint Anti-Corruption Initiative of COA with the Ombudsman, and Citizen Participatory Audit.
We in COA are just doing our jobs because “Ang Bawat Sentimo ni Juan, Tapat Naming Babantayan,”” Commiss
ioner Pondoc said, ending his presentation on a high note.