“Audit” is generally associated with the Commission on Audit and its constitutional mandate to “examine, audit, and settle all accounts” pertaining to the revenue, receipts, expenditures, and use of government funds and property.
There is another type of institutional audit in government, however, that is just as important in promoting public accountability and stewardship. This is internal audit – which is to be performed by the agency’s own personnel.
The creation of the office of Internal Audit Services (IAS) in all government agencies was mandated as far back as 1962 by Republic Act No. 3456 to “assist management achieve an efficient and effective fiscal administration and performance of agency affairs and functions.”