The lack of an official accounting manual led to severe tracking errors, multi-billion-peso discrepancies, and unreliable balances in the agency's receivable accounts.

Why It Matters

Recommended Actions

• Fast track the preparation of the accounting manual that will serve as a guide for each personnel and/or responsible Unit/Office in the proper and systematic recording, reporting and monitoring of beneficiaries’ transactions aligned with the provisions of applicable IPSAS, to include actions to be undertaken by concerned Offices such that SO/RO/DOs and Corporate Operations and Systems Development Department (COSDD) strictly comply with the timely submission of the required BCS generated reports such as GA/SRs, Schedule of Rebates, SOBAL and ARs to BAPD
• And facilitate the inclusion in the consolidated ARs the demandable accounts for the next 12 months after reporting period and those accounts that are not yet demandable for each project while the COSDD is currently enhancing the system.

Original Audit Finding Excerpt

"Ref. Audit Observations Audit Recommendations Agency Action Plan Action Plan Person/Dept. Responsible Target implementation Date From To Status of Implementation Reason for Partial/Delay/ Non- Implementation, if applicable Action Taken/Action to be Taken on Require the ROs/DQs to seek offices for lease which are less expensive. Not Implemented Region 11: RO through its FUs and AUs submits as part of its liquidation, the necessary supporting documents for the rental expense. In addition, a copy of the contract was furnished to COA. Ta date, RO is working on the proposal to construct its own office building in an NHA lot. Region 12: Copy of all completed contracts including lease of office space are submitted to the local COA for every new and renewed contract. The same were also submitted to COA Main Office. Region 13: Will continue to strictly comply with the provisions of COA Circular No. 2009-001 dated February 12, 2009 to submit to the Auditor’s Office within fiv"

Source Document