When disposing of property, the entity did not have the necessary legal documents to prove the transfer or donation.

Why It Matters

Recommended Actions

• Obtain supporting documents such as Deed of Donation and Acceptance or Deed of Transfer and Acceptance (DOTA) for the proper disposition of PE assets, especially those recorded in the Pinatubo Project Management Office and National Government Center books that are already occupied and/or used by beneficiaries, and derecognize such assets in the books

Original Audit Finding Excerpt

"¥. Disclose in the Notes to FS the accrued interest recognized in the books to facilitate sakeholders’ understanding ofthe receivable accounts, vi. Coordinate immediately with the COSDD to enhance the BCS, ensuring the inclusion of controls on all reports needed by the SO/RO/DOs for monitoring purposes and submit these reports to AD for recording, and Image image12.png: d. Require the COSDD to fast-track the enhancement of Billing and Collections System generated Aging Reports and other reports to ensure reliable reporting of financial information and to attain fair presentation inthe FS. For the lapses in the monitoring and recording of PE 7 Perform regular and timely reconciliation between the accounting records and Reports fon the Physical Count of Property, Plant and Equipment/Inventory and Inspection Report of Unserviceable Properties (RPCPPEJIIRUP) in accordance with the relevant COA Circular to promply address any discrepancies; Obtain supporting documents such as Deed of"

Source Document