The financial statements contain errors in the accounts of NGC (now PhilGuarantee) totaling over half a billion pesos, which have been misstated for many years. The agency has not taken action to correct these errors or obtain the necessary documentation to write them off.

Why It Matters

Recommended Actions

• A. Obtain the breakdown/itemization of accounts from HGC (now PhilGuarantee)
• And

Original Audit Finding Excerpt

"Agency Action Pian Reason for = Partial/Delay/ Ref. Audit Observations Audit Recommendations . Target Implementation Status of Non- Action Taken/Action to be Action Plan Person/Dept. Date Implementation Implementation, Taken Responsible From To if applicable respectively, which are either The RO submitted the PEs that for sale, already donated o7 d. Performing necessary Region 9 Not implemented were not yet recorded with AD, i.e, distributed, destructed, | activities that will not only Deed of Reconveyance, PAR/ICS housing sites or have unknown /| provide fair presentation of the Region 10 for managerial table, laptop intended use, are recorded in | PE accounts in the books but Desktop computer, Mitsubishi the PE account, contrary to the | also serve the best Region 11 Strada, and Property and relevant provisions of IPSAS | interest/benefit for the Equipment Return Slip for 12 and 17, resulting in the | government. Such activities Region 12 Computer Set in RDTF Reg2- overstatement of"

Source Document