Question & AnswerQ&A (Republic Act No. 7226)
The main purpose of Republic Act No. 7226 is to require the Commission on Audit to submit annual reports to Congress detailing the amounts obligated, treasury and funding warrants issued, and expenditures made every quarter during the fiscal year for each municipality, province, and city by all agencies and instrumentalities of the National Government, including government-owned corporations.
The Commission on Audit (COA) is mandated to submit the financial reports under Republic Act No. 7226.
The Commission on Audit must submit the annual financial reports to Congress.
The annual reports must contain amounts obligated, treasury and funding warrants issued, and expenditures made every quarter during the fiscal year for each municipality, province, and city by all agencies and instrumentalities of the National Government, including government-owned corporations.
Yes, the annual report must include data for each agency and instrumentality of the National Government, including government-owned corporations, categorized by province and highly urbanized city.
The reports must be submitted within one hundred twenty (120) days after the end of every fiscal year.
No, it requires submission of reports in addition to the financial reports already required by existing law.
This Act shall take effect fifteen (15) days after its publication in at least two newspapers of general circulation.
Yes, government-owned corporations are included among the agencies and instrumentalities that must be covered in the reports submitted to Congress.
The key government units covered are each municipality, province, and city, including highly urbanized cities.