AUDITING

Audire Latin term

An unbiased examination and evaluation of the financial
statements of an organization. It can be done internally
(by employees of the organization) or externally (by an
outside firm).

A common way to obtain such reliable information is to

have some type of verification (audit) performed by
independent persons.
Auditingrefers to a systematic examination
of books, accounts, documents and
vouchers of an organization to ascertain
how far the financial statements present a
true and fair view of the concern.
 COMMISSION ON AUDIT
- Is one of the three constitutional commissions- It
performs a very significant role in the overall evaluation
of governmental operations in terms of three basic
elements of the auditing function, namely:
1. financial and compliance
2. economy and efficiency
3. program result or effectiveness
Primary Function:
.to examine, audit and settle all accounts and expenditures of
the funds and properties of thePhilippine government.
 STATE AUDITING

the analytical and systematic examination and

verification of financial transactions, operations,
accounts, and reports of any government agency for the
purpose of determining their accuracy, integrity, and
authenticity, and classifying the requirements of law,
rules, and regulations (Government Auditing Code of the
Philippines)