The Provincial Accountant’s Office (PACCO) has served as a testament of the objective of Provincial Government in ensuring transparency, efficiency, and accountability in financial management. In adherence to the mandates outlined in Republic Act No. 7160, also known as the Local Government Code of the Philippines 1991, the office has displayed exemplary performance throughout the year.
To start with, the office performed its functions in preparing financial statements and reports in compliance with the framework of the Philippine Public Sector Accounting Standards (PPSAS). Notably, the office has been also instrumental in preparing and submitting accurate financial accounts key to stakeholders, including the Provincial Governor, Commission on Audit, Provincial Treasurer’s Office, and Sangguniang Panlalawigan. addition, the PACCO has also executed their responsibilities in appraising the Sangguniang Panlalawigan and other local government officials about the financial condition and operations of the province.
Aside from that, PACCO has fulfilled their obligation to certify the availability of budgetary allotments, ensuring proper allocation of expenditures. The office has also reviewed and verified supporting documents before voucher and payroll payments, prepared journal entry vouchers, and ensured the maintenance of individual subsidiary ledgers that reflected the office’s commitment to financial integrity. Additionally, the PACCO diligently managed records related to the purchase of property, plant, and equipment, along with corresponding depreciation and disposals.
In terms of its organizational framework, PACCO is divided into two main divisions: the General Accounting (Bookkeeping) Division and the Audit Division, each fulfilling distinct yet interconnected functions. The General Accounting (Bookkeeping) Division is primarily responsible for recording, posting, and summarizing financial transactions, as well as for the preparation and upkeep of financial reports across different funds. Conversely, the Audit Division is tasked with conducting audit and review processes to evaluate compliance with generally accepted auditing and accounting standards, as outlined by the Commission on Audit guidelines. In 2023, these divisions work collaboratively and performed each of their obligations to ensure the integrity and accuracy of financial management within the province, providing stakeholders with clear insights into the province’s financial activities.
PACCO has not only fulfilled the basic requirements mandated by law but has also gone above and beyond in ensuring credibility in handling public finances within the province. The expertise showcased by the office in 2023 has set a solid foundation for continued excellence in the coming years.