Section 11
SEC. 11. The Corporate Audit Office shall be responsible for exercising supervision and control over the implementation of auditing and accounting rules and regulations in government-owned and/or controlled corporations, and self-governing boards, commissions, or agencies of the National Government, and in the conduct of audit of financial operations of public utilities and franchises. It shall review and analyze corporate audit reports and-prepare the consolidated report thereof for inclusion in the annual report of the Commission to be prepared by the Accountancy Service. It shall have a Public Utility Rate and Franchise Tax Audit Division and corporate auditing units in all government corporations and similar instrumentalities. The Public Utility Rate and Franchise Tax Audit Division shall audit financial operations of public utilities for rate determination and franchise taxes as required by pertinent laws or upon request of proper authorities. The corporate auditing units shall conduct continuous audit of all accounts and trial balances and financial statements pertaining to the revenues and receipts of, expenditures or uses of funds and property owned or held in trust by, government corporations or instrumentalities and submit annual reports to the Commission.