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
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
“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.”
Objectives of Government Integrated
Financial Information System (GIFMIS)
1. 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,
2. Greater participation of civil society
organization in fiscal governance,
3. Effective and efficient delivery of public
services.
4. Allow greater financial management and
control at oversight and agency levels,
5. Ensure stricter compliance of the budget
to appropriation laws and corresponding
rules and regulations,
6. Significantly improve Treasury cash
management, and
7. Facilitate keeping of general accounts of
government and management reporting at
various levels of government
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)
Philippine Public Financial
Management
Accounting and Auditing Reforms (AAR) PIU
Philippine Public Financial Management
Status Report
Philippine Public Financial Management
KEY ACCOMPLISHMENTS
Priority Area #1 - ACCOUNTING
a. Harmonize PGAS with IFRS and IPSAS
 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
b. 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
Priority Area #2 - AUDITING
a. Develop Philippine Public Sector Standards on Auditing
(PPSSA) COA resolutions to adopt/implement the following
were signed by the COA Commission Proper (CP):
 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