International Journal of Government Auditing – January
2006
Philippines
Commission on Audit Develops Risk-Based Audit Approach
The Philippines' Commission on Audit (COA) has developed and introduced a risk-based audit approach (RBAA) that emphasizes the need for the auditors to focus on high-risk areas that are potential breeding grounds for graft and corruption.
The COA embarked on a project to improve its audit services by institutionalizing the RBAA after receiving unsolicited financial assistance from AustalianAid and the United Nations Development Programme (UNDP). Working with a UNDP consultant, a technical working group of COA officials developed the Risk-Based Financial Audit Manual, which includes templates tailor-made for e-auditing. This partnership ensured that the Manual would be customized and adopted for use by national, local, and corporate audit sectors. As an initial step toward nationwide implementation, a trainers' training for 39 audit supervisors and audit team leaders was conducted October 17-November 9, 2005. These participants will be deployed to selected government agencies, where pilot audits will be conducted. The results of these audits will serve as input to the review and finalization of the Manual.
For additional information, contact COA:
Fax: ++63 (2) 931 92 23
E-mail: gemcarague@coa.gov.ph
Web site: www.coa.gov.ph