THE Senate will vote on the third and final reading of Senate Bill (SB) 2907, which aims to revise Presidential Decree (PD) 1445, or the Government Auditing Code of the Philippines.
SB 2907 was submitted jointly by the Committees on Constitutional Amendments and Revision of Codes; Civil Service, Government Reorganization and Professional Regulation; and Finance, with Senators Chiz Escudero, Joel Villanueva and Robin Padilla as authors.
The measure lists the principles for the financial transactions and operations of any government agency:
– No money shall be paid out of any public treasury or depository except in pursuance of an appropriation law, appropriation ordinance, or other specific statutory authority, or a Department of Budget and Management (DBM)-approved corporate operating budget
– Government funds or property shall be spent or used solely for public purposes
– Trust funds shall be spent only for the specific purpose for which the trust was created or the funds received
– Fiscal responsibility shall, to the greatest extent, be shared by all those exercising authority over the financial affairs, transactions, and operations of the government agency
– The proper official shall approve disbursements or disposition of government funds or property of the government agency
– Claims against government funds shall be appropriately authorized and supported with the complete required documentation
– All laws, rules, and regulations applicable to financial transactions shall be faithfully adhered to
– An applicable financial reporting framework adopted by the commission as prescribed by the international standards-setting body and sound management and fiscal administration shall be observed, provided that they do not contravene existing laws, rules and regulations.
Under the bill, the Commission on Audit (COA) shall be headed by a chairman and two commissioners, who shall be natural-born citizens of the Philippines and, at the time of their appointment, at least 35 years old, either certified public accountants with at least 10 years of auditing experience or members of the Philippine bar who have been engaged in the practice of law for at least 10 years, and must not have been candidates for any elective position in the elections immediately preceding their appointment.
The chairman and commissioners shall be appointed by the president to a term of seven years without reappointment.
No member shall be appointed or designated in a temporary or acting capacity.
During their tenure, no member of the commission can hold any other office or employment in the government.
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