The government gave a large subsidy to the developer for relocation, but the developer has not paid its share of equity, so the government is shouldering an undue burden.

Why It Matters

Recommended Actions

• Conduct a thorough review of indirect charges applied to the developer's relocation fund and determine if any of these should have rightfully been sourced from administrative or National Government (NG) funds, and make necessary adjustments or reimbursements;

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