The Board conducts its audits with such objectives as i) whether the final accounts accurately reflect the financial status such as the execution of the budgets (Accuracy); ii) whether the financial management is properly conducted in conformity with the approved budgets, laws and regulations (Regularity); iii) whether the implementation of projects and programs or budget execution is administered at minimum cost (Economy); iv) whether the projects and programs achieve the maximum possible results with the given cost or have the most cost-efficient outcome (Efficiency); and v) whether the projects and programs achieve the intended results and produce the expected effects (Effectiveness).
The audit with the objectives of Economy, Efficiency and Effectiveness is collectively called the ‘3E audit’, derived from the initial letters of each word.