7/28/2019 Resolution No.01-003

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C O M M I S S I O N O N A U D I T

XAVIER UNIVERSITY – ATENEO DECAGAYAN CENTRAL STUDENT

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

  StC 603, Xavier University Main Campus, Corrales Ave., Cagayan deOro City

RESOLUTIONNo. 01 – 003

Date: July 1, 2013

SUBJECT: Adoption of COA’s Framework of Financial Officer’s 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 andregulations, create its own techniques or methods for a transparent

accounting and auditing process and must at all times adopt the GenerallyAccepted Accounting Principles (GAAP);

WHEREAS, the 1996 Local Government Code Section 41 states that

local treasurers shall submit to their respective presidents a certifiedstatement covering the income and expenditures of each semester;

WHEREAS, there is a need for COA to harmonize the conduct of auditby providing a framework that explicitly enumerates and describes the

function to be performed as well as the specific documents and financialstatements 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 COA’s Framework of Financial Officer’s 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 (SGD.) Herald CampuganCommissioner Commissioner

“Good Governance Through Transparent Accounting”

7/28/2019 Resolution No.01-003

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C O M M I S S I O N O N A U D I T

XAVIER UNIVERSITY – ATENEO DECAGAYAN CENTRAL STUDENT

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

  StC 603, Xavier University Main Campus, Corrales Ave., Cagayan deOro City

Xavier University-Ateneo de Cagayan

Commission on AuditFinancial Officer’s 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. TheFinancial 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 andlevel 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/herfunction.

“Good Governance Through Transparent Accounting”