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SiPAT

Incorrect Presentation of Financial Expenses

Pulilan · 2021

Severity: ModerateRecommendation: Unknown

What Happened?

Category: Financial ManagementIssue: Misstatement

The description of financial expenses incorrectly mixes up interest expenses with federal income tax, which does not accurately reflect the nature of these expenses.

Why It Matters

Recommended Actions

No recommendations are available for this finding yet.

Original Audit Finding Excerpt

"Interest expenses are federal income tax deducted from the Municipality’s interest income earned from Landbank of the Philippines."

Source Document

09-Pulilan2021_Part1-Notes_to_FS.docx

Pulilan · 2021 AAR · 11 files