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Executive Order No. 55 dated September 6, 2011

GOVERNMENT ASSOCIATION OF CPAs (GACPA) SUSTAINING ETHICS AND EXCELLENCE IN MANAGING GOVERNMENT RESOURCES SEMINAR/WORKSHOP. Executive Order No. 55 dated September 6, 2011 (Subject of COA Memorandum 2011-020 dated September 6, 2011).

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Executive Order No. 55 dated September 6, 2011

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  1. GOVERNMENT ASSOCIATION OF CPAs (GACPA) SUSTAINING ETHICS AND EXCELLENCE IN MANAGING GOVERNMENT RESOURCES SEMINAR/WORKSHOP Executive Order No. 55 dated September 6, 2011 (Subject of COA Memorandum 2011-020 dated September 6, 2011) Directing the Integration and Automation of Government Financial Management System

  2. Rationale It is the policy of the State to adopt and implement full public disclosure of all its transactions involving public interest and recognize the right of the people to information on matter of public concern as embodied under Section 28, Article II and Section 7, Article III of the 1987 Constitution

  3. “The present administration subscribes to emerging global thrust towards open government and greater budget transparency and accords the highest priority to public sector initiatives that promote transparency, accountability and good governance as contained in the President’s Social Contract with the Filipino people.”

  4. Objectives of Government Integrated Financial Information System (GIFMIS) • To facilitate the generation of vital information on any and all aspects of government financial transactions that can be made accessible to the public through I.T., subject to existing laws, • Greater participation of civil society organization in fiscal governance, • Effective and efficient delivery of public services.

  5. Allow greater financial management and control at oversight and agency levels, • Ensure stricter compliance of the budget to appropriation laws and corresponding rules and regulations, • Significantly improve Treasury cash management, and • Facilitate keeping of general accounts of government and management reporting at various levels of government

  6. The following agencies of the government signed a Memorandum of Agreement (MOA): • Commission on Audit (COA), • Department of Budget and Management (DBM), • Bureau of Treasury (BTr)/Department of Finance (DOF) which created the Steering Committee on Cooperation to Foster the Development of a GIFMIs and implement a Public Financial Management (PFM) Reforms Roadmap and operationalize a Treasury Single Account (TSA)

  7. Philippine Public Financial Management Accounting and Auditing Reforms (AAR) PIU Philippine Public Financial Management Status Report

  8. Philippine Public Financial ManagementKEY ACCOMPLISHMENTS • Harmonize PGAS with IFRS and IPSAS Priority Area #1 - ACCOUNTING • 23 Philippine Public Sector Accounting Standards (PPSAS) which are intended for implementation in 2013 are being exposed to various COA sectors and concerned organizations like PICPA, GACPA, AGAP, PAGBA, EUC and PHALGA • On-going evaluation of eight comments received from agencies/organizations • Five of the 23 PPSASs, PPSAS 5, 13, 17, 29 and 31 were revised as result of the issuance of the 2012 IPSAS Handbook which contains the newly-issued IPSAS 32, Service Concession Arrangements: Grantor dated October 2011

  9. Develop Philippine Public Sector Standards on Auditing (PPSSA) COA resolutions to adopt/implement the following were signed by the COA Commission Proper (CP): Priority Area #2 - AUDITING • 24 PPSSAs • COA’s Framework of Professional Standards • 11 PPSSAs are being finalized and for submission to the CP for approval • 18 ISAs/ISSAIs are on-going evaluation for adoption as PPSSAs

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