COA Circular on GOCCs Ficial Reports

To prescribe guidelines and procedures for the submission of year-end financial statements and related reports/schedules.
Submissions must be made in both printed and digital copies.
The Circular applies to all GOCCs starting FY 2014 for inclusion in the AFR.

Submission deadline is on or before February 14 of each year.
Responsible officer: Chief Accountant or Head of Accounting Unit.
Direct submission to: Government Accountancy Office (GAO), GAS, and the concerned Supervising Auditor (SA)/Audit Team Leader (ATL).
Required documents include (but are not limited to):
- Pre-closing and post-closing trial balances
- Comparative statements of financial position, financial performance, changes in equity, and cash flows (direct method)
- Notes to financial statements
- Statements/aging of accounts payable and receivable
- Breakdown of domestic/foreign loans with notes on government guarantees
- Schedules of income taxes, dividends, subsidies, and fund transfers
- Summary of discretionary and other classified expenses
- Roster of governing board members
- Statement of management responsibilities

The Chief Accountant must ensure copies submitted to GAS are identical to those submitted to SA/ATL for the Annual Audit Report (AAR).
Any adjustments and revisions must be communicated promptly to GAS and SA/ATL to prevent discrepancies.
Revisions are allowed up to March 31 to enable GAS to reconcile with audited financial statements from CGS (due April 30).
Revisions after March 31 are permitted only with justification and SA/ATL consideration in the AAR.

WDs must submit the required reports to the SA/ATL and COA Regional Office (RO) by February 14 each year.
The Chief Accountant of each WD ensures submitted copies to COA RO match those for SA/ATL audit purposes.
Adjustments must be reported by March 31 to avoid discrepancies.
COA RO must submit summarized financial statements of WDs by province and region to GAO, GAS by May 15 each year.

Automatic suspension of salaries and other emoluments for officials/employees failing to comply until requirements are met.
Repeated violation (three consecutive times) leads to administrative disciplinary action as per Section 55, Chapter 10, Title I, Book V of Executive Order No. 292 (Administrative Code of 1987).

Cases not addressed by this Circular will be referred to GAS for resolution by the Commission.

Any circulars, memoranda, and other issuances or parts inconsistent with this Circular are repealed or modified accordingly.