Finding No. 1 on COA Annual Audit Report 2005

July 25, 2008

The agency failed to finalize the inventory report and consequently reconcile with the accounting records the property, plant and equipment valued at P1,438,749,826.89 in its balance sheet as of December 31, 2005, thus the validity, reasonableness and accuracy could not be ascertained.

Pursuant to Section 156 of COA Circular No. 92-386 the local chief executives shall require an annual physical inventory of all supplies or property of the local government unit as of December 31 of each year. The inventory report shall be submitted to the local chief executive and copy furnished the provincial, city or municipal auditor concerned.

For the year 2005, the agency initiated the conduct of physical inventory of its property, plant and equipment valued at P1,438,749,826.89 in its balance sheet as of December 31, 2005.

Though management had completed the count, neither the inventory report thereon was finalized nor the result reconciled with the accounting records.

Inquiry from the General Services Office and Provincial Accountant as to the status of the inventory report yielded no tangible results.

The absence of subsidiary records of these assets did not permit us the application of alternative audit procedures so as to satisfy ourselves as to the accuracy of the reported valuation of the subject assets.

Recommendation:

Require the Chairman of the Inventory Committee to submit the inventory report to the Provincial General Services Officer (PGSO), copy furnished the Commission on Audit. Henceforth, direct the Provincial Accountant and the Provincial General Services Officer to reconcile their property records.

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Written by admin · Filed Under Bukidnon, Commission on Audit

Comments

2 Responses to “Finding No. 1 on COA Annual Audit Report 2005”

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