Section 12Sec./Art. 12

The Accountancy Office. The Accountancy Office shall have the following functions:

1. Prepare, for the Commission, the annual financial report of the Government, its subdivisions, agencies and instrumentalities, including government-owned or controlled corporations, and such other financial or statistical reports as may be required by the Commission;

2. Verify appropriations of national government agencies and control fund releases thereto; and

3. Prepare statements on revenues and expenditures of local government units, and on their legal borrowing and net paying capacities for reclassification and other purposes.