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Findings No.3 COA Annual Audit Report 2006

July 28, 2008

3. Completed Public Infrastructure project of Artesian Wells, Reservoirs, Pumping Station and Conduits amounting to P10,882,346.88 and Irrigation Canals and Laterals amounting to P425,352.87 still remained in the General Fund books in violation of the provision of Sec. 50, Volume I of the New Government Accounting System Manual.

Sec. 50, Volume I of the New Government Accounting System Manual provides among others that “For public infrastructures funded out of regular income, the Construction in Progress account is transferred to the Public Infrastructures account upon completion. At the end of the year, the latter account is closed to the Government Equity and the asset is recorded in the Registry of Public Infrastructures (RPI).

Verification disclosed that completed Public Infrastructure project of Artesian Wells, Reservoirs, Pumping Station and Conduits amounting to P10,882,346.88 and Irrigation Canals and Laterals amounting to P425,352.87 remained in the General Fund books.

We get the opinion of the City Accountant relative to the above condition and we were able to get his favorable action and said situation was already corrected last January 2007 in the financial statements.

The above-cited condition is violative to the provision of Sec. 50, Volume I of the New Government Accounting System that completed Public Infrastructure project shall be closed to the Government Equity and the asset is recorded in the Registry of Public Infrastructure.

RECOMMENDATION:

Strict observance of the above-mentioned regulations is much enjoined.

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Written by admin · Filed Under Commission on Audit, Valencia City 

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