PRESS RELEASE

National Conciliation and Mediation Board

Regional Branch No. 5

26 February 2019

 

Auditing is a safeguard measure that attempts to ensure that the books of accounts are properly maintained.  It ascertains how far the financial statements as well as non-financial disclosures present a true and fair view of the concern.” – Wikipedia

 

Every end of the year, the Commission on Audit (COA) conducts exit conference with their auditee to discuss audit observations and recommendations.  After a careful, complete and methodical check and review of the financial account or transactions of the client, the auditors hold a meeting with them in order to confer regarding the results of their year-long careful examination of the books of accounts.

The officer and staff of the Regional Conciliation and Mediation Branch (RCMB) – V received unambiguously the comments and suggestions of the auditors in a conference held at the branch office on 06 February this year.

Regional Branch Director Reynaldo Foncardas said, “We appreciate the observations of the COA as this is an eye-opener for all of us in knowing where we are weak, and where our strengths are.  Though some offices may view the COA as something or someone to be afraid of, here at RCMB5 we are glad that we have this chance to discuss with them our concerns.  Communication is the key in understanding our respective mandate or function.”

“For the year 2018 that was the subject of the audit, we are pleased that only minor audit observations were identified.  This concerns our property inventory which is understandable considering that our supply officer is new in his post.  He is still learning the ropes and considerably a fast learner, having successfully updated the inventory at a very short period of time.”

“We have also learned that auditing is not only confined to finding faults in the transactions of the auditee and in settling all accounts and expenditures of the funds and properties of the government.  Auditing also involves assessing the performance of the agency in achieving its objective through economical, efficient and effective employment of available resources,”   declared Director Foncardas.

“We are overwhelmed that our auditors commended us for our impressive performance in CY 2018.  This concerns the 100 per cent disposition of cases handled under Preventive Mediation and Single-Entry Approach (SEnA) and 60 per cent under Voluntary Arbitration.  This exceeds the national target by 27 per cent, hence we are honoured that we have surpassed our target,” Director Foncardas proudly stated.

The COA has the power, authority and duty to examine, audit and settle all accounts pertaining to the revenue and receipts of and expenditures or uses of the funds and properties of the Philippine government. Towards that end, it has the exclusive authority to define the scope, techniques and methods of its auditing and examination procedures. It also may prevent and disallow irregular, unnecessary, excessive, extravagant or unconscionable expenditures, or uses of government funds and properties. – fin.

 

Prepared by:

 

 

EFLEDA A. HOURANI

Senior LEO/LIO-designate

 

 

APPROVED FOR RELEASE:

 

 

REYNALDO S. FONCARDAS

Regional Branch Director