coca

ARTICLE(7) :
The organization exercises the following functions in the field of financial controls over the bodies specified under article (6) of COCA act:-

Control over revenue and expenditure through exercising audit procedure and examination of books and records of receipts, general entitlements and expenditures and obtains audit assurance, that all financial transactions regarding receipts, payments and accruals have been properly posted to the accounting records and in accordance with the relevant legislations.
Audit of pension cost, retirement remuneration, living expense and social insurance to ensure its compliance with legislations.
Audit of employment decision regarding recruitment, salaries and wages, promotions, traveling allowances and transportation expenditures and any similar expenses. To ensure compliance legislation, adherence to employment terms and that they are within the budget limits.
Audit of intermediate accounts, debtors, creditors, current accounts, and other similar accounts to ensure validity of the transactions and that thy are properly posted to the accounting records, supported with documents and comply with legislation and regulations.
Audit of different sources of public revenue, checking methods of its application, uses or investment, to ensure that it’s properly maintained, applied or invested, and those activities are carried in accordance with the relevant effective legislations.
Physical inspection of stores and warehouses, checking its books, records, documents of receipt and issue, stock-taking records, identification of damaged, obsolete and slow moving stock, investigate reasons and suggesting appropriate methods of treatments. Follow–up stock taking results and how differences have been treated.
Inspection and audit of purchase and contracting activities and supply and services contracts, to ensure compliance with regulations legislations, articles, policies and management decision.
Check internal control and internal check procedures, review records and books of accounts to ensure its completeness. And to discover, trace any breach of duties, corruption, negligence or fraud. Investigate causes and identify weakness in the internal control system and suggesting appropriate procedure methods to overcome the problems and avoid its future occurrence.
Audit of loans, advances, assistance and credit facilities which has been contracted for by the state or any other body subject to the organization control and inspection of supporting vouchers and documents and verification of contracts and agreements to ensure that it was properly recorded in books and records, whether these loans have been received or provided by the state and the above bodies, the organization should ensure that those loans have been received and have been used for the specified activities. If these loans are provided by the state and the above mentioned bodies. The organization should verify repayment of the loans and interests and ensure that they are in accordance with the terms of contracts and agreements.
Audit of grants donation and contributions made to or by external or internal institutions to ensure that they are in accordance with legislations, authorized decisions and they are within the stated policies and agreements.
Audit of the final accounts of all different bodies subject to the control of the organization and also the final accounts which represents execution of the state budget and its supplements, and form an opinion on whether they comply with legislations.
Audit of financial statements of the economic and subsidized units to form an opinion on whether they represent the financial position of the units and the results of their operations at the specified date and whether they have been prepared in accordance with accepted accounting standards, represent a product of a sound accounting and financial system, a proper accounting records have been maintained, the financial transactions have been properly recorded in the books and whether they comply with legislations

ARTICLE(8):
The organization performs the following functions on the field of performance audit and execution of work plan, applying the economic, effectiveness and competent standard measures:

Auditing and form an opinion on plans, economical and social development projects follow-up and evaluation of its implementations programs to ensure that, outcomes, cost, objectives, specifications and dead lines are consistent with plans.
Audit and evaluation of all financial and economic plans of the state and of the units subject to the control of the organization, to ensure that those plans adhere to the government general policy and they will meet their stated objectives.
Inspection and evaluation of programs and annual budgets related to the financial and economical activities, specially in the field of foreign currency and employment budgets, to ensure that it's based on a realistic practical and objective standards and that appropriate procedures are established for its execution and the extent to which it has been effective in achieving targeted objectives and outcomes.
Study and evaluate costing systems, performance standards, and costing standards to ensure that they are appropriate and realistic. Also study and evaluate pricing policies and match them with costs and ensure proper authorization.
Audit and inspection of books and records, documents, financial, technical and statistical data for all existing activities and projects under construction, in units subject to the organization control. The objective is to evaluate performance, measure success in meeting objectives and the appropriateness and adequacy of methods and procedure applied. Also to ensure optimum utilization of economic resources, identifications of unauthorized resources where there is excessive use of resources and bottle necks. Also identification of any deviation from the plan and suggesting remedies.
study and evaluation of financial and managerial status, production plans, sales and pricing polices forming an opinion on them , highlight problems and weakness areas and suggesting ways and methods of rectification, specially in likely loss making units.
verification of economical feasibility studies for development and investment projects, evaluate policies and methods of finance and forming an opinion on the economic and social impact of implementation. •evaluation of agreements and contracts entered into by units subject to the control of the organization to ensure its legal status, its objectivity and its inclusion of fair terms and commitment that secure and preserves public funds, and to ensure that the agreements and contracts are free of any unfair or contradicting terms.
evaluation and follow-up of loans, grants and assistances from different countries, international and regional institutions and from foreign banks and all debts with the outside world.
verify the cause of any surplus in funds allocated to development projects and ensure that this surplus are not made with the intention to meet a deficit in another project, and its not at the expense of quality , specification or time.

ARTICLE ( 9 ) :
The organization performs the following functions in the fields of statutory controls and evaluations, of statutory and organizational status:-

In the field of statutory controls the organization will examine and review decisions made by units under the control of the organization as regard financial breaches or inconsistency to ensure that proper action has been taken, and that responsibility has been determined, and an appropriate punishment was given.
in the field of evaluation of statutory and organizational status, the organization is concerned of inspection of legislation articles and financial, accounting and administrative regulations to ensure that it is adequate and appropriate, and suggests amendments where needed. it will also contribute by giving its professional opinions on any bill drafts of law, articles, decisions and systems concerned with accounting, auditing, inspection, financial control or accounting practice. The objective is to ensure that it is adequately, identify weaknesses and contradictions, suggesting appropriate amendments to be submitted to the appropriate authority for re-drafting, approval, and issue.

ARTICLE ( 10 ):

Without any breach of the provisions of articles (23,25) of this act, the organization will inspect any accounts or any other activity entrusted to it, to audit or inspect, by the responsible authority and the organization has to report to the concerned authority .
The President of the Presidential Council, the Prime Minister and the Parliament may assign to the organization the inspection of any activities of the units subject to the organization control , and preparation of any reports or information about any of them, without any breach of the provisions of articles (23,25) of this act.