XAVIER UNIVERSITY ATENEO DE CAGAYAN

CENTRAL STUDENT C O M M GOVERNMENT ISSION ON AUDIT

StC 603, Xavier University Main Campus, Corrales Ave., Cagayan de

ACES | ASC| CITSC | CONUS | CSSC | UNITASS | TG | SBMSC

Oro City

RESOLUTION
No. 01 003 Date: July 1, 2013 SUBJECT: Adoption of COAs Framework of Financial Officers Scope of Responsibility WHEREAS, Section 4.1.8 (4) of Article IX of the Constitution vests on the Commission on Audit the authority to promulgate its own rules and regulations, create its own techniques or methods for a transparent accounting and auditing process and must at all times adopt the Generally Accepted Accounting Principles (GAAP); WHEREAS, the 1996 Local Government Code Section 41 states that local treasurers shall submit to their respective presidents a certified statement covering the income and expenditures of each semester; WHEREAS, there is a need for COA to harmonize the conduct of audit by providing a framework that explicitly enumerates and describes the function to be performed as well as the specific documents and financial statements to be prepared by the local treasurer otherwise known as the Financial Officer ; NOW THEREFORE, the Commission RESOLVES, as it does hereby resolve to adopt COAs Framework of Financial Officers Scope of Responsibility annexed to this Resolution and made an integral part hereof. This Resolution shall take effect immediately. Done this 1st day of July, 2013 in Cagayan de Oro City, Philippines. (SGD.) Gizelle P. Labial Chairman (SGD.) Christian Amahan Commissioner (SGD.) Herald Campugan Commissioner

Good Governance Through Transparent Accounting

XAVIER UNIVERSITY ATENEO DE CAGAYAN

CENTRAL STUDENT C O M M GOVERNMENT ISSION ON AUDIT

StC 603, Xavier University Main Campus, Corrales Ave., Cagayan de

ACES | ASC| CITSC | CONUS | CSSC | UNITASS | TG | SBMSC

Oro City

Xavier University-Ateneo de Cagayan Commission on Audit Financial Officers Scope of Responsibility Each college council and organization shall have a duly elected Financial Officer who must be a bona fide student of this institution. The Financial Officer is responsible for preparing the financial statements, managing cash controls, financial and accounting operations. Specifically, he/she shall: Assist in the preparation of budget and liquidation report for every activity completed Establish and maintain cash controls Ensure that transactions, authorized and approved by the President, are properly recorded and entered into the books/ general ledger Manage the filing, storage and compilation of records and source documents such as: official receipts, acknowledgment receipts and cash/payment vouchers Prepare monthly receipt and disbursement report Prepare weekly receipt and disbursement report Prepare the financial statements: 1. Statement of Income and Expenditures 2. Statement of Cash Flow Perform other related duties as required He/she is required to perform his/her duties in accordance with the provisions of the Constitution. The above statements are intended to describe the general nature and level of work to be performed by the incumbent. Neither is it an exhaustive list of all responsibilities and activities required of the position but rather a framework that shall guide the officer in the performance of his/her function.

Good Governance Through Transparent Accounting