What is financial statements fraud? According to Scott Beaver, financial statement fraud is the deliberate misrepresentation of a company’s financial statements, whether through omission or exaggeration, to create a more positive impression of the company’s financial position, performance and cash flow. When it comes to financial statement fraud, most cases involve intentionally misrepresenting accounting such as overstating revenue, fictitious transactions, concealment of liabilities and obligations, improper or inadequate disclosures, falsifying expenses, misappropriations, etc. In the public sector or in the government, the Commission on Audit provides in its Financial Audit Manual some examples of circumstances that may indicate the possibility...
Purpose COA Circular No. 2022-004 was issued by the Commission on Audit (COA) to provide guidelines on the implementation of Section 23 of the General Provisions of Republic Act (RA) No. 11639 also known as the General Appropriations Act (GAA) for Fiscal Year (FY) 2022 relative to the increase in the capitalization threshold from 15,000.00 to P50,000.00. Applicability This Circular is applicable to the following government sectors: 💡 National Government Agencies (NGAs) 💡 Local Government Units (LGUs) 💡 Government Corporations (GCs) Important Points/Provisions 💡 Tangible items which meet the definition and recognition criteria of PPE but cost is below Fifty...
Let’s us test how well do you know your IUEEU also known as the five (5) forbidden expenses in the government. Answer the following questions by clicking/choosing the correct answer. Tell us in the comments section below how many did you get correctly. You may now begin. Congratulations! Your score is shown above. Scroll up a bit if you cannot see it on your screen. This quiz is based on Commission on Audit (COA) Circular No. 2012-003 dated October 29, 2012 re: Updated Guidelines on the Prevention and Disallowance of Irregular, Unnecessary, Excessive, Extravagant and Unconsionable (IUEEU) ExpendituresTo learn more...
📺 Watch ••• [ad_1] ••• 📚 Read Here’s the list of the Top 10 Highest Paid Government Officials in 2021: 1. BSP Governor Benjamin Diokno – P41.81 million Former BSP Governor Benjamin E. Diokno, now the Secretary of the Department of Finance under the Marcos Jr. administration, remains the highest paid government official in the Philippines in 2021. 2. BSP Monetary Board member Victor Bruce Tolentino – P23.29 million BSP Monetary Board member Tolentino is No. 26 highest paid government official in 2020 with total salaries and allowances amounting to P9.73 million. ••• [ad_1] ••• 3. BSP Monetary Board member...
Sender: Hello. Bawal po ba talaga sa government offices ang reimbursement? Reason daw kasi ng auditor namin is dahil daw sa tax. [ad_1] Click here to visit our Facebook Page and view all the comments to this question. [ad_2] Post Views: 813
Sender: Hi good day, i need your expert opinions mga Ma’ms and Sirs, on Documentary Requirements for Liquidation of Cash Advances & Reimbursements, confused po kasi kami. 1) dapat po ba dumadaan sa BAC yung mga documentary requirements para sa liquidation & reimbursements? 2) dapat ba nasa APP mga expenditures ng end-users na under liquidation & reimbursements? salamat po ng madami [ad_1] Click here to visit our Facebook Page and view all the comments to this question. [ad_2] Post Views: 996
Featured Circular The Commission on Audit (COA) issued COA Circular No. 2020-06 in CY 2020 to prescribe the guidelines on the following for the one-time cleansing of PPE account balances of government agencies: ☑️ conduct of physical count of property, plant and equipment; ☑️ recognition of PPE items found at station; and ☑️ disposition procedures for non-existing or missing PPE items. Why did COA issue this Circular? According to COA, the PPE accounts constitute a significant portion of the assets of the government, usually 50%. There exist an enormous amount of discrepancies in PPE account balances which result to inaccurate...
