COA Circular 2024-008 Quiz and Flashcards: Audit and Financial Reporting

Study Notes

COA Circulars 2024

COA Circular No. 2024-008: Guidelines on the audit of financial transactions caused by suspended or dismissed public officials or employees, and officials whose appointments were terminated or term of office has lapsed.
COA Circular No. 2024-007: Implementation of Philippine Financial Reporting Standard (PFRS) 9-Financial Instruments and relevant Philippine Application Guidance (PAG) by all Government Corporations (GCs) classified as Central Pivot Service Entities (CPSEs).
COA Circular No. 2024-006: Supplemental Guidelines on the implementation by Local Government Units (LGUs) of COA Circular No. 2022-004, increasing the capitalization threshold from P15,000.00 to P50,000.00.
COA Circular No. 2024-005: Expansion of the coverage of advertising expenses and recognition of accounts to include those relative to the dissemination of information connected with the official functions and programs of government agencies through social media platforms.
COA Circular No. 2024-004: Suspension of the application of COA Circular No. 2023-004, prescribing updated documentary requirements for common government transactions.
COA Circular No. 2024-003: Amendment to Section 3, Rule XIII of the 2009 Revised Rules of Procedure of the Commission on Audit, as amended by COA Resolution No. 2023-010.
COA Circular No. 2024-002: Rules on pleadings, mode of filing, docketing of cases, and payment of filing fees at the levels of the Auditors, the Regional/Cluster Directors, and the Assistant Commissioners of the COA Audit Sectors.
COA Circular No. 2024-001: Guidelines on the conduct of initial audit of newly declared government corporations.

Description

This quiz covers the latest circulars issued by the Commission on Audit (COA) in 2024, focusing on guidelines for auditing financial transactions and the implementation of Philippine Financial Reporting Standards.