The bank account records had errors and missing documents totaling over 740,000 pesos, making it unclear who made certain deposits or what specific bank transactions were for, which violates accounting standards.

Why It Matters

Recommended Actions

• Set up a meeting with bank officers of depository banks to obtain debit and credit memos, along with their supporting documents, pertaining to the reconciling items reflected in the BS

Original Audit Finding Excerpt

"Ref. Audit Observations Audit Recommendations Agency Action Plan Action Plan Person/Dept. Date Target Implementation Responsible From To Status of Implementation Reason for Partial/Delay/ Non- Implementation, if applicable Action Taken/Action to be Taken f. Recognize in the inventory report and financial records the assets that have been physically counted but not recorded, based on available information and documentation in accordance with COA Circular No. 2020-006; Not Implemented Region 2: DOs thru the RO submitted to AD the MOA, DODA/DOTA of the foliowing projects to clean-up work-in-progress (WIP) and CIP which remained in the Accounting Books when in fact these projects are already completed and final payments to contractors/developers have been made, to wit: Project MOA DODA/ DOTA Tuao Res. 4 For signature by RM Buguey Res. 4 Transmitted to LGU on 4/24/2024 for signature Alicia Res. f For notarization Angadanan / / Res. Diadi 7 vA Summer Ville Res. Saguday"

Source Document