Section 6
SEC. 6. The Accountancy Service shall be responsible for preparing the annual financial report of the Government, its subdivisions, agencies and instrumentalities, including government-owned or controlled corporations (as consolidated by the Corporate Audit Office) and other financial and/or statistical reports as may he required by the Commission; verifying appropriations of National Government agencies and controlling fund releases thereto; and preparing statements on local governments' revenues, legal borrowings, and net paying capacities for reclassification and other purposes. It shall have an Accounts Division, a National Government Accountancy Division, a Local Government Accountancy Division, and a Treasury Vault and Banking Audit Division. The Accounts Division shall control the release of allotments out of appropriations provided under various appropriations acts, and undertake overall National Government cash reconciliation. The National Government Accountancy Division shall prepare required annual and other financial and/or statistical reports on the operations and financial conditions of the National Government and reconcile public debt. The Local Government Accountancy Division shall prepare required annual and other financial and/or statistical reports on the operations and financial conditions of Local Governments and hospitals maintained by local government units. The Treasury Vault and Banking Audit Division shall audit cash transactions in the vault of the Bureau of the Treasury.