The municipality recorded assets that were too cheap to be counted as property and equipment, making its reported asset values higher than allowed by the rules.

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Original Audit Finding Excerpt

"overstatement of the PPE accounts by net carrying value of ₱612,352.12 due to the recognition of PPE items with cost below capitalization threshold of ₱50,000.00, contrary to Item 4.1 of COA Circular No. 202 2-004 dated May 31, 2022"

Source Document