Republic Acts1 min read
Section 26Sec./Art. 26
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Special Audit.
(a) The thirty (30) GOCCs with the highest total assets shall be subject to periodic special audit by the COA. The periodic audit shall. at the minimum make a determination whether:
(1) The accounting records of the GOCCs are complete and in accordance with generally accepted accounting practices and standards; and
(2) The statements prepared from the accounts present fairly and comprehensively their GOCCs financial position and the results of its financial operations.
(b) As may be necessary or convenient in the performance by the GCG of its functions, the Chairman of the GCG may direct at any time a special COA audit of any other GOCC for any specific purpose or when authorized by law, direct an audit by independent auditors.
CHAPTER VI
CREATION AND ACQUISITION OF A GOCC OR
RELATED CORPORATION
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