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RMC No. 54-2006: Publishes the full text of Circular No. 2006-005 issued by the Chairman of Commission on Audit which amends Item 7.1 of COA Circular No. 97-002 pertaining to the granting, utilization and liquidation of cash advances

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Summary

RMC No. 54-2006 publishes the full text of COA Circular No. 2006-005, which amends Item 7.1 of COA Circular No. 97-002 on granting, utilizing and liquidating cash advances.

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Key points

  1. Bonding of accountable officers. Each accountable officer whose total cash accountability is not less than P5,000 must be bonded. The Head of the Agency fixes the bond amount based on the officer’s total accountability.
  2. Money and property accountability. An official or employee with both kinds of accountability is bonded only once, with the amount following the Bureau of Treasury schedule.

Who is affected

  • Accountable officers with total cash accountability of not less than P5,000

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.