CHAPTER 3 TYPES OF AUDIT

QUESTION
1

What are the different types of audit?

ANSWER 1

There are many types of audit. An audit may be classified according to the
nature of assertion/data, for example, a financial statement audit,
operational audit or compliance audit. It can also be classified according
to types of auditor, such as independent or external audit, internal
audit, or government audit.

Furthermore, depending on particular circumstances, other

types of audit, such as forensic audit, quality audit, social audit, tax
audit, environmental audit, information system audit, non-statutory
audit, and follow-up audit, can be performed.

QUESTION 2

Explain fully a financial statement audit.

ANSWER 2

A financial statement audit involves the examination of financial statements to

determine whether they are presented in accordance with an
applicable financial reporting framework.

Financial audits are performed to add credibility to the assertion of an

entity's management that its financial statements fairly present the
organization's financial position and performance to the firm's
stakeholders. The principal stakeholders of a company are typically its
shareholders and creditors, but other parties such as taxing authorities,
banks, regulators, suppliers, customers and employees may also have
interests in knowing that the financial statements are presented fairly,
in all material aspects.

An audit is not designed to provide absolute assurance, being based on sampling

and not the complete testing of all transactions and balances. Rather, an
audit is designed to reduce the risk of a material financial statement
misstatement whether caused by fraud or error. Financial

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audits exist because they add value through reducing information risk not simply
because they are required by law.
Financial audits are typically performed by independent auditing firms.

QUESTION 3
Explain fully an operational audit.

ANSWER 3

An operational audit is a systematic review of all parts or part of an organization's

operating procedures and methods for the purpose of evaluating efficiency
and effectiveness. Operational audit is a future oriented, systematic, and
independent evaluation of organizational activities. In operational audit,
financial data may be used, but the primary sources of evidence are the
operational policies and achievements related to organizational objectives.

Operational auditing also refers to the study of business operations for

the purpose of making recommendations about economic and efficient
use of resources, effective achievement of business objectives, and
compliance with company policies.

The Institute of Internal Auditor (IIA) defines operational audit

as a systematic process of evaluating an organization's effectiveness,
efficiency and economy of operations under management's control
and reporting to appropriate persons the results of the evaluation along with
recommendations for improvement.

Management and performance audits are considered

part of operational audit.
Management audit refers to the systematic examination of decisions and
actions of the management to analyze their performance. It involves the
review of managerial aspects like organizational objective, policies,
procedures, structure, control and system in order to check the
efficiency or performance of the management over the activities of the
company. Unlike financial audit, management audit mainly examines
nonfinancial data to audit the efficiency of management.

Performance audit refers to an examination of a program, function, operation or

the management systems and procedures of a governmental or
non-profit entity to assess whether the entity achieving economy, efficiency
and effectiveness in the employment available resources.

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Operational audits are usually conducted by an entity's internal auditors.

Nevertheless, government auditors and independent CPA firms also
perform operational audits.

QUESTION
4

Explain the “3Es" of operational

audit.

ANSWER
4

Effectiveness, efficiency, and economy are highly interrelated concepts.

Collectively, they are commonly described as the "3 Es".

Effectiveness refers to whether an entity's or a unit of an entity's

success is actually achieving its goals and objectives.
Effectiveness means getting the expected results (outcomes) from the
outputs.

If effectiveness is the objective of the operational audit, then

appropriate criteria must be established. This requires careful
consideration of the purpose of the organization to ensure that the criteria
relate to the primary purpose, rather than some secondary matter.

Efficiency refers to how well an entity uses its resources to achieve its
goals. It means the use of resources such that output is optimized for any
given set of resource inputs; or that input is minimized for any given
quantity or quality of output.

Efficient use of resources of all types enable the costs of resources to be

minimised per unit of production. For instance, if two different
procedures can produce a product of the same quality, the procedure
with the lower cost is considered more efficient. Inefficiencies may be
the result of duplication of effort by employees, too many employees,
or when raw materials are not available for production when it is needed.

Economy refers to the acquisition of the appropriate quality and quantity of

resources of the appropriate quality and quantity of resources at the
appropriate times and at the lowest cost. Economy means getting the right
inputs at the lowest cost or getting a good deal.

QUESTION
 5

What are the three broad categories of operational audits?

ANSWER 5

The three broad categories of operational audits are functional,

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organizational, and special assignments.

Functional audit is an audit that examines a particular operation within an
organization such as the procedures followed for the cash payments made by the
accounting department. It may also extend to the procedures followed for the
approval of the introduction of a new product or process. This type of audit examines
whether the function is performed economically, efficiently and effectively. It is important to
include interrelated functions, because to omit them may result in
misleading results.

Organizational audit refers to an audit that reviews the organizational structure of the entity,
department or division or subsidiary. Emphasis is to examine how efficiently and
effectively the organization operates especially when considering the interaction of
different functions. Flowcharts of information and organizational plans are of particular
interest in this type of audit.

Special assignments may be commissioned by management for a wide variety of special

reasons, including the investigation of possible fraud or poor procedures, that could allow
misappropriation of company property.

QUESTION 6 Explain fully a compliance audit.

ANSWER 6

A compliance audit is a comprehensive review of an organization's adherence to regulatory

guidelines. It is undertaken to confirm whether an entity is following the terms of an
agreement (e.g., bond indenture), or the rules and regulations applicable to an activity or
practice prescribe by an external agency or authority (e.g., SEC).
The purpose of a compliance audit is to determine whether the entity following specific
procedures, laws, rules, or regulations set down by some higher authority or the
government.
A compliance audit for a private entity may include determining when the
accounting personnel are following complying with the proces prescribed by the
company controller, reviewing wage rates compliance with the minimum wage laws, or
examining contra agreements with banks to ensure that the company is in compliance
legal requirements.
ng contractual
pliance with

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In the audit of governmental units such as public schools, compliance audit is

undertaken in order to verify whether laws, rules and regulations set by government
authorities are being complied with for a particular transaction.

QUESTION 7

Explain fully an independent or external audit.

ANSWER 7

Independent or external audit is an objective examination of the financial statements

or reports prepared by an enterprise (auditee), usually a business entity, by
someone not affiliated with the entity, to determine if such statements have been
prepared in conformity with financial reporting practices that are appropriate for the
auditee. External audit provides reasonable assurance that the financial
statements are free from material misstatements.
External audits play a major role in the financial oversight of businesses and governments
because they are conducted by outside individuals and therefore provide an
unbiased opinion. External audits are commonly performed at regular intervals, and are
typically required on a yearly basis by law for governments.

QUESTION 8

Explain fully an internal audit.

ANSWER 8

Internal auditing is defined as an independent, objective assurance and consulting

activity designed to add value and improve an organization's operations. It helps
an organization accomplish its objectives by bringing a systematic, disciplined
approach to evaluate and improve the effectiveness of risk management, control and
governance processes.

Internal auditing is a catalyst for improving an organization's governance and

management controls by providing insight and recommendations based on analyses
and assessments of data and business processes. With commitment to integrity and
accountability, internal auditing provides value to governing bodies and senior
management as an objective source of independent advice. Internal audits are
performed by the company's own personnel to assist management discharge its
responsibilities and carry out its objectives.

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Internal auditing is an independent appraisal activity within an

organization for the review of operations as a service to
management.
Operating managers are focused on how they can meet their operating
objectives. As such, internal audit adds value by identifying
opportunities for improving their operations by increasing effectiveness
or identifying potential cost savings and making operations more efficient.
They are more concerned with the internal auditor's recommendations or
suggestions rather than with the internal auditor's opinion on the
adequacy of their internal controls.
The audit committee (board of directors) has relatively low interest in
recommendations to improve efficiency. Instead, they are more
concerned with the internal auditor's opinion regarding whether
internal controls are adequate, the data being provided by managers
is reliable, laws and regulations are being followed, and assets are
safeguarded.

QUESTION 9
Why is internal auditing considered an assurance activity?

ANSWER 9
As an assurance activity, internal auditing involves an objective
examination of evidence for the purpose of providing an independent
assessment on risk management, control, or governance processes
for the organization. Assurance services involve the internal auditor's
objective assessment of evidence to provide opinions or conclusions
regarding an entity, operation, function, process, system, or other subject
matters.
The nature and scope of an assurance engagement are determined by the
internal auditor. Generally, three parties are participants in assurance
services:
a. The person or group directly involved with the entity, operation,
function, process, system, or other subject matter - the process
 owner. b. The person or group making the assessment - the internal
auditor. C. The person or group using the assessment - the user.
The three basic types of assurance services that
internal auditors provide are:
a. Financial auditing. This includes engagements that follow the
traditional attestation model. This would include situations where the

internal audit function audited a division's quarterly results or a claim by

management that a product line was profitable. Also, under this type of
service would be compliance attestations such as audits of travel
expenditures or conflict of interest policies. This category would also
include work done in conjunction with the organization's external
auditors for the audit of the financial statements.

b. Performance auditing or operational auditing. This represents

the traditional internal audit. Selection of areas for these types of
engagements in most current internal audit functions are made through
a process of risk assessment with the objective of
minimizing the risk with constrained audit resources. In the past,
the internal audit function has tried to satisfy all its customers
with this performance/operational approach. For the audit
committee and senior management, this type of engagement
provided assurance on internal controls and in many organizations
gave an opinion on their adequacy or even assessed a grade.

C. Quick response auditing. This includes services that typically arise

by special request of upper management. In this respect they are like i
consulting, but are not classed as such because the management
requesting them is typically a third party looking for assurance. The dominant
engagements of this type are fraud investigations, but also include
valuation and due diligence engagements.

QUESTION 10

Why is internal auditing considered a consulting activity?

ANSWER 10

As a consulting activity, internal auditing provides advisory and related client

service activities, the nature and scope of which are agreed upon with
the client and which are intended to add value and improve an
organization's operations. Consulting services are advisory in nature
and are generally performed at the specific request of an
engagement client.
The nature and scope of the consulting engagement are subject to
agreement with the engagement client. Consulting services
generally involve two parties:
a. The person or group offering the advice - the internal auditor. b. The person
or group seeking and receiving the advice – the
1. engagement client (e.g., management).

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When performing consulting services, the internal auditor should maintain objectivity and
not assume management responsibility.

Consulting activities include:

a. Assessment services. These are engagements in which the
internal auditor examines or evaluates a past, present, or future aspect of operations
and renders information to assist management in making decisions. These
engagements need to be as timely as possible.
Examples of this type of consulting engagements would be the assessment of controls in a
system design, such as assessing the adequacy of internal control in a proposed accounts
payable system. Other examples might be: (1) the study and evaluation of the proposed
restructure of the organization to reflect the most practical, economical, and logical alignment, or
(2) estimating the savings from outsourcing process.

b. Facilitation services. These are engagements in which the internal

auditor assists management in examining organizational performance for
the purpose of promoting change. The internal auditor does not judge
organizational performance in this role but guides management in identifying
organizational strengths and opportunities for improvement.

Such engagements include control self-assessment, benchmarking, business

process reengineering support, assistance in developing performance
measurement, and strategic planning support.

Remediation services. These represent the most extreme and threatening type of
consulting activity in terms of incompatibility with providing assurance, and yet has
always been present to a degree in all internal audit functions. These are engagements
in which the internal auditor assumes a direct role designed to prevent or
remediate known or suspected problems on behalf of the client. Such an engagement
might be as innocuous as developing and delivering a training seminar on internal
controls. Certainly such training is a common and valuable service provided by many
internal audit functions for their organizations, yet it is clearly a management function.
Remediation services could also involve drafting of policies for cash handling or writing the
organization's code of conduct.

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QUESTION 11

Explain fully a government audit.

ANSWER 11

Government audit involves the determination of whether government

funds are being handled properly and in compliance with existing laws,
rules and regulations, and whether the programs, projects and
activities are being conducted efficiently and economically. It often
extends beyond examinations leading to the expression of an opinion
on the fairness of financial presentation and includes audits of efficiency,
effectiveness and compliance.

Government audit is currently referred to as public-sector audit.

Public-sector auditing is described as the systematic process of

objectively obtaining and evaluating evidence to determine whether
information or actual conditions conform with established
criteria. It is necessary because it provides legislative and oversight
bodies, those charged with governance and the general public with
information and independent and objective assessments concerning
the stewardship and performance of government policies, programs
or operations.

In order to promote credibility, quality and professionalism of public

sector auditing, supreme audit institutions (SAIs) must comply with the
International Standards of Supreme Audit Institutions (ISSAls)
developed by the International Organization of Supreme Audit
Institutions (INTOSAI).
Public-sector audits involve at least three separate parties:
a. Auditor. The role of auditor is fulfilled by the Head of the SAI and by
the persons to whom the task of conducting the audits is delegated. b.
Responsible party. They may be responsible for the subject matter
information, for managing the subject matter or for addressing
recommendations, and may be individuals or organizations.
 Intended users. The individuals, organizations or classes thereof for
whom the auditor prepares the audit report. They may be
legislative or oversight bodies, those charged with governance or the
general public.

QUESTION 12
What are the three types of public-sector audits?

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ANSWER 12

In public sector auditing, the three main types are:

a. Financial audit. It focuses on determining whether an entity's

financial information is presented in accordance with the applicable financial
reporting and regulatory framework..

Sufficient and appropriate audit evidence must be obtained by the

auditor to express an opinion as to whether the financial information is
free from material misstatement due to fraud or error.
b. Performance audit. It focuses on whether government
undertakings, systems, operations, programs, activities or organizations are
operating in accordance with the principles of economy, efficiency
and effectiveness and whether there is room for improvement.

Performance audit includes:

.
Economy and efficiency audits. It is designed to determine: o
Whether the entity is acquiring, protecting, and using its
resources economically and efficiently. 0 The causes of inefficiencies and
uneconomical practices. o Whether the entity has complied
with laws and regulations
concerning matters of economy and efficiency.
Program audits. Its purpose is to determine:
o The extent to which the desired results or benefits
established by the legislature or other authorizing body are
being achieved. The effectiveness of organizations,
programs, activities, or
functions.
• Whether the agency has complied with laws and regulations
 applicable to the program. Compliance audit. It focuses on
whether a particular subject matter is in compliance with
criteria as determined by applicable authorities.
The objective of public-sector compliance auditing is to enable the SAI to
assess whether the activities of public-sector entities are in
accordance with authorities governing those entities. It may be
concerned with:

.
Regularity. Adherence to formal criteria such as relevant laws, regulations and
agreements.

. Propriety. Observance of the general principles governing

sound financial management and the conduct of public officials.
Compliance auditing promotes:
Transparency, by providing reliable reports as to whether funds have
been administered, management exercised and citizens'
rights to due process honored as required by the
applicable authorities. Accountability, by reporting deviations
from and violations of authorities, so that corrective action
may be taken and those accountable may be held responsible
for their actions. Good governance, both by identifying
weaknesses and deviations from laws and regulations and by
assessing propriety where there are insufficient or inadequate laws
and regulations.

QUESTION 13

What is a forensic audit?

ANSWER 13

Forensic audit involves the use of auditing and investigative skills to

situations that may involve legal implications. Such type of audit is
often required in:
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a. Fraud investigations involving misappropriation or theft of funds, tax
evasion, or money laundering. Determination of the profit share of business
partners in case of a dispute.
Quantification of loss in case of insurance claims. d. Determination of claims of
professional negligence relating to the
accountancy profession.
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 QUESTION 14

What is a quality audit?

ANSWER 14
A quality audit refers to a systematic examination of a quality system carried
out by an internal or external quality auditor or an audit team. It is an
important part of an organization's quality management system and
is a key element in the International Organization for
Standardization (ISO) quality system standard.

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Quality audits are typically performed at predefined time intervals and ensure that the
institution has clearly defined internal system monitoring procedures linked to effective
action. This can help determine if the organization complies with the defined quality system
processes and can involve procedural or results-based assessment criteria.

QUESTION 15

What is a social audit?

ANSWER 15

Social audit is a recent development in the field of auditing and is based on the concept of
social responsibility of businesses. Social audit examines the extent to which an entity is
discharging its responsibilities to the society, and it involves review and evaluation of the
performance of an entity in areas such as its contribution to natural economic growth
through expansion and employment generation, welfare of employees, and the quantity,
quality and price of products supplied.

QUESTION 16

What is a tax audit?

ANSWER 16

Tax audits are performed to assess the accuracy of the tax returns filed by an entity and
are therefore used to determine the amount of any over or under assessment of tax
liability towards the tax authorities. In some jurisdictions, companies whose total gross
receipts exceed a certain amount are required to have tax audits after regular intervals.

QUESTION 17

What is an environmental audit?

ANSWER 17

An environmental audit comprises of a systematic, periodic and objective evaluation of

how well organization, management and equipment are performing to safeguard the
environment. Environmental factors play a very important role in the evaluation of future
performance and cash flows of companies, and its effect can be assessed with the help
of an environmental audit
QUESTION 18

What is an information system audit?

ANSWER 18

Information system (IS) audit involves the assessment of the

controls relevant to the IT infrastructure within an organization. The three
basic forms of IS audit that may be performed are (a) general controls
review, (b) application control review, and (c) system development
review.
General controls review involves a review of the controls which govern the
development, operation, maintenance, and security of application systems in
a particular environment.

Application controls review involves a review of controls for a specific application

system, which covers controls over the input, processing, and output of data.

System development review involves a review of the development of a new

application system and an evaluation of the development process as well as
the product.

QUESTION 19

What is a non-statutory audit?

ANSWER 19

not
Also called as voluntary audit, a non-statutory audit is an audit which is
specifically required by law. It is carried based on the terms
and conditions of the audit as agreed between the auditor and the
client. Voluntary audits cover both financial and non-financial audits.

QUESTION 20

What is a follow-up audit?

ANSWER 20
A follow-up audit is an audit conducted approximately six months after an internal or
external audit report has been issued. It is designed to evaluate corrective
action that has been taken on the audit issues reported in the original
report.
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QUESTION 21

Enumerate the different types of auditor.

ANSWER 21 The three common types of auditor are: a. Independent

auditors (CPA firms). b. Internal auditors. C. Government auditors.
QUESTION 22

Explain the scope of function of an independent auditor.

+
ANSWER 22

Independent or external auditors are those individuals whose primary responsibility is

the performance of audits of published historical financial statements of all publicly traded
companies, most large companies, many small- and medium-sized companies and non-
profit organizations.
An independent auditor is a third-party professional who performs an independent
examination of an entity's financial statements. Ordinarily reporting to an audit
committee composed of independent board of directors, an independent auditor
examines accounting, sales, payroll, and purchasing records, as well as anything
related to financial investments and loans, in search for any material errors or fraud.
Subsequently, he provides an impartial opinion of the company's financial
position and performance not only to management and those charged with
governance, but also to external users as well.
QUESTION 23

Explain the scope of function of an internal auditor.

ANSWER 23

Internal auditors are those individuals who perform the activities of the internal audit
function. Internal auditors may belong to an internal audit department or equivalent
function.
Internal auditors are employed by individual companies to perform independent
appraisal activity within the organization such as review of financial and operating
information as a basis for service to management. To be effective, an internal
auditor must be independent

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of the accounting and other departments and must report to the audit
committee of the board of directors. The internal auditor attempts to assure
the accuracy of business records, uncover internal control
problems, and identify operational difficulties.
Internal auditors are not responsible for the execution of company activities;
rather, they give advice to management and those charged with
governance on how to better execute their responsibilities.
Unlike external auditors whose scope of work is primarily restricted to matters that
relate to the financial statements, the scope of work of an internal
auditor is very broad and ordinarily include the following:

a. Activities relating to governance. Assessing the governance

process in its accomplishment of objectives on ethics and values, performance
management and accountability, communicating risk and control
information to appropriate areas of the organization and
effectiveness of communication among those charged with governance,
external and internal auditors, and management.

b. Activities relating to risk management. Assisting the organization

by identifying and evaluating significant exposures to risk and
contributing to the improvement of risk management and internal
control.

C. Activities relating to internal control.

Evaluation of internal control. Responsible for reviewing

controls, monitoring their operation and recommending
 improvements thereto.
Review of operating activities. Reviewing the economy,
efficiency and effectiveness of operating activities of
an entity. Examination of financial and operating information.
Reviewing the means used to identify, measure, classify and
report financial and operating information, and to make specific
inquiry into individual items, including detailed testing of
transactions, balances and procedures. Review of
compliance with laws and regulations. Reviewing compliance with
laws, regulations and other external requirements, and with
management policies and directives and other internal
requirements.

QUESTION 24

Explain the scope of function of a government auditor.

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ANSWER 24
Government auditors are auditors that are employed by govemmer
agencies. A government auditor's primary responsibility is to verify
government's financial records and audit public funds. Govern auditors study a variety of
sources to understand the government financial situation, by analyzing the government's
accounting policies and overseeing its involvement with banks, creditors and other
government agencies. Government auditors help the government cut on its costs.

The most common government auditors are those employed in the Commission on
Audit (COA), who are also commonly called as State auditors.

QUESTION 25

What do you understand by the Commission on Audit?

ANSWER 25

The Commission on Audit (COA) is the Supreme State Audit Institution of the
Philippines. 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
funds and property, owned or held in trust by, or pertaining to, the Government, or any of
its subdivisions, agencies, or instrumentalities, including government-owned or controlled
corporations with original charters, and on a post-audit basis (a) constitutional bodies,
 commission and offices that have been granted fiscal autonomy under the Constitution of
the Philippines; (6) autonomous state colleges and universities; (c) other government-
owned or controlled corporations and their subsidiaries; and (d) such non
governmental entities receiving subsidy or equity, directly or indirectly, from or through the
Government, which are required by law or the granting institution to submit to such
audit as a condition of subsidy or equity.

The following are the principal duties of the Commission on Audit:

a. Examine, audit and settle all accounts pertaining to the revenue and
receipts of, and expenditures or uses of funds and property owned or held in trust by, or
pertaining to, the government. Promulgate accounting and auditing rules and regulations
includmy those for the prevention and disallowance of irregular, excessiv unnecessary,
extravagant or unconscionable expenditures, or use of government funds and
properties.

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Submit annual reports to the President and the Congress on the
financial condition and operation of the government. d. Recommend
measures to improve the efficiency and effectiveness of
government operations. e. Keep the general accounts of government
and preserve the
vouchers and supporting papers pertaining thereto. f. Decide any
case brought before it within 60 days. g. Performs such
other duties and functions as may be provided by law.

QUESTION 26

What is the composition of the Commission on Audit?

ANSWER 26

The Commission on Audit is composed of a Chairperson and two

Commissioners, who shall be natural-born citizens of the Philippines and, at
the time of their appointment, at least thirty-five years of age,
certified public accountants with not less than ten years of
auditing experience, or members of the Philippine Bar who have been
engaged in the practice of law for at least ten years, and must not
have been candidates for any elective position in the elections
immediately preceding their appointment. At no time shall all Members of the
Commission belong to the same profession.
The Chairperson and the Commissioners are appointed by the President with the
consent of the Commission on Appointments for a term of seven years without
reappointment. Of those first appointed, the Chairperson shall hold office for
seven years, one Commissioner for five years, and the other Commissioner
for three years, without reappointment. Appointment to any vacancy
shall be only for the unexpired portion of the term of the
predecessor.

The Chairperson and the two Commissioners together is known as

the Commission Proper.

QUESTION 27 What are the powers and duties of the Chairperson

of the Commission on Audit?

ANSWER 27 As Presiding Officer, the powers and duties

of the Chairperson of the COA include the following:

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a. To issue calls for the special sessions of the Commission Proper.

To approve the agenda for the sessions of the Commission Proper.
To participate in the deliberations of and vote during all regular and
special sessions of the Commission Proper where any case issue or
matter within its jurisdiction is under consideration. d. To preside over the
sessions of the Commission Proper. e. To preserve order and
decorum during the session.. f. To decide all questions of order by
any Member. g. To summon the parties to a case brought
before the Commission
Proper for resolution. h. To administer oaths and otherwise take testimony in
any
investigation or inquiry on any matter within the jurisdiction of the
Commission. i. To issue subpoena and subpoena duces tecum. j. To sign
interlocutory orders, resolutions or ruling in cases not yet
assigned to a Member. k. To exercise such other powers and duties
as are vested upon him by
law or by the Commission Proper.
 QUESTION 28

What are the powers and duties of the two Commissioners

of the Commission on Audit?
ANSWER 28

The two (2) Commissioners of the COA have the following powers
and duties:

c.
a. To attend, participate in the deliberations of, and vote during all
regular and special sessions of the Commission Proper where any
case, issue, or matter within its jurisdiction is under consideration. b. To
recommend to the Chairperson the inclusion in the agenda of any
case or matter deemed appropriate in the performance of his
function. To sign interlocutory orders, resolutions or ruling in cases
and
matters assigned to them for study and reporting. d. To require the
appearance of any official or employee of the
Commission in order to obtain information pertinent to a case
assigned to him, the formulation of policy and the promulgation of
accounting and auditing rules and regulations, or to direct the
submission of any document, report, or record in the possession of such
official or employee. To exercise such other powers as are vested upon
him by law or by specific provisions of the Rules of Procedures of
the COA.

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