FM6: FINAL EXAM

The financial transactions and performance of all government-owned or controlled corporations are being monitored by the Commission on Audit.

The funds of the GOCCs are generated through the sale of the national government’s assets, goods or services.

The guidelines and regulations of the Commission on Audit dictates the allocation of cash advances in the funds of the local government.

The maximum amount that the local government can allocate towards debt repayment is only twenty-five percent of its annual budget.

The LGU of provinces and cities receives twenty percent share from the Internal Revenue Allotment to enable them to effectively carry out the tasks that the national government transferred to them under the Local Government Code.

Financial audit is a scope of state audit which determines if management is following the rules and regulations.

The performance, compliance, and financial types of audit overlap and becomes a comprehensive audit.

Efficiency and effectiveness can be improved through the recommendatory function of the Commission on Audit.

The performance, compliance, and financial types of audit overlap and becomes a comprehensive audit.

Financial audit is a scope of state audit which determines if management is following the rules and regulations.