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    Poa 9

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    batistillenie
    The document discusses requirements for financial reporting packages that banks must submit to the Bangko Sentral ng Pilipinas on a solo and consolidated basis. It also discusses the powers of the Commission on Audit to examine accounts, audit funds, and make recommendations to improve government operations. The Commission on Audit is composed of a Chairman and four Commissioners who are appointed by the President for a term of 7 years. Additionally, the document discusses that the Insurance Commission is responsible for regulating and supervising the insurance and pre-need industries in accordance with the Insurance Code and Pre-Need Code of the Philippines, and that the Insurance Commissioner has the duty of ensuring all laws relating to insurance are faithfully executed.

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    Poa 9

    Uploaded by

    batistillenie
    9 views2 pages
    The document discusses requirements for financial reporting packages that banks must submit to the Bangko Sentral ng Pilipinas on a solo and consolidated basis. It also discusses the powers of the Commission on Audit to examine accounts, audit funds, and make recommendations to improve government operations. The Commission on Audit is composed of a Chairman and four Commissioners who are appointed by the President for a term of 7 years. Additionally, the document discusses that the Insurance Commission is responsible for regulating and supervising the insurance and pre-need industries in accordance with the Insurance Code and Pre-Need Code of the Philippines, and that the Insurance Commissioner has the duty of ensuring all laws relating to insurance are faithfully executed.

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    POA 9

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    The document discusses requirements for financial reporting packages that banks must submit to the Bangko Sentral ng Pilipinas on a solo and consolidated basis. It also discusses the powers of the Commission on Audit to examine accounts, audit funds, and make recommendations to improve government operations. The Commission on Audit is composed of a Chairman and four Commissioners who are appointed by the President for a term of 7 years. Additionally, the document discusses that the Insurance Commission is responsible for regulating and supervising the insurance and pre-need industries in accordance with the Insurance Code and Pre-Need Code of the Philippines, and that the Insurance Commissioner has the duty of ensuring all laws relating to insurance are faithfully executed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    9 views2 pages

    Poa 9

    Uploaded by

    batistillenie
    The document discusses requirements for financial reporting packages that banks must submit to the Bangko Sentral ng Pilipinas on a solo and consolidated basis. It also discusses the powers of the Commission on Audit to examine accounts, audit funds, and make recommendations to improve government operations. The Commission on Audit is composed of a Chairman and four Commissioners who are appointed by the President for a term of 7 years. Additionally, the document discusses that the Insurance Commission is responsible for regulating and supervising the insurance and pre-need industries in accordance with the Insurance Code and Pre-Need Code of the Philippines, and that the Insurance Commissioner has the duty of ensuring all laws relating to insurance are faithfully executed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    1. All banks are required to prepare the Financial Reporting Package (FRP).

    The FRP, composed of


    the balance sheet, income statement, and supporting schedules, shall be prepared on a solo and
    consolidated basis. Solo basis shall refer to the combined financial statements of the
    a. Head office and branches/other offices.
    b. Head office and subsidiaries.
    c. Parent bank and subsidiaries.
    d. Parent bank, head office and subsidiaries

    2. Within how many banking days after the end of the reference quarter should banks submit their
    consolidate FRP to the BSP?
    a. 10 c. 20
    b. 15 d. 30

    3. Within how many banking days after the end of the reference month or quarter should banks
    submit their solo balance sheet and solo income statement to the BSP?
    a. 10 c. 20
    b. 15 d. 30

    Commission on Audit (COA)

    4. This Constitutional Commission has the power, authority, and duty to examine, audit, and settle
    all accounts pertaining to the revenue and receipts of, and expenditures or uses of funds and
    property, owned or held in trust by, or pertaining to, the government, or any of its subdivisions,
    agencies, or instrumentalities,
    including government-owned and controlled corporations and recommend measures to
    improve the efficiency and effectives of government operations.
    a. Bangko Sentral ng Pilipinas (BSP)
    b. Securities and Exchange Commission (SEC)
    c. Bureau of Internal Revenue (BIR)
    d. Commission on Audit (COA)

    5. The COA is composed of


    a. A Chairman and two (2) commissioners.
    b. A Chairman and three (3) commissioners.
    c. A Chairman and four (4) commissioners.
    d. A Chairman and five (5) commissioners.

    6. The COA chairman and the two (2) commissioners shall be appointed by the President of the
    Philippines with the consent of the Commission on Appointments for a term of
    a. 3 years c. 7 years
    b. 6 years d. 8 years

    7. Which of the following is not one of the principal duties of the COA?
    a. Keep the general accounts of the government and preserve the vouchers and supporting
    papers pertaining thereto.
    b. Maintain price stability conducive to a balanced and sustainable economic growth.
    c. Promulgate accounting and auditing rules and regulations including those for the
    prevention and disallowance of irregular, unnecessary, excessive, extravagant or
    unconscionable expenditures, or uses of government funds and properties.
    d. Submit to the President of the Philippines and Congress, within the time fixed by law, an
    annual report covering the financial condition and operation of the government.
    8. The COA usually conducts an audit that includes
    a. Financial audit c. Compliance audit
    b. Operational audit d. All of the choices

    Insurance Commission (IC)

    9. Which of the following is responsible to regulate and supervise the insurance and pre-need
    industries in accordance with the provisions of the Insurance Code, as amended and the Pre-
    Need Code of the Philippines?
    a. Bangko Sentral ng Pilipinas (BSP)
    b. Securities and Exchange Commission (SEC)
    c. Bureau of Internal Revenue (BIR)
    d. Insurance Commission (IC)

    10. The shall have the duty to see that all laws relating to insurance, insurance
    companies and other insurance matters, mutual benefit associations, and trusts for
    charitable uses are faithfully executed and to perform the duties imposed upon him by this
    Code (Insurance Code), and shall, notwithstanding any existing laws to the contrary, have
    sole and exclusive authority to regulate the issuance and sale of variable contracts as defined
    in section two hundred thirty-two and to provide for the licensing of persons selling such
    contracts, and to issue such reasonable rules and regulations governing the same.
    a. Insurance Commissioner
    b. Insurance Governor
    c. Insurance Board
    d. Insurance Executive

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