The city continued to report the value of buildings that had already been demolished, which overstated its assets and violated rules on how to handle destroyed property.

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Original Audit Finding Excerpt

"The carrying value of the demolished public market and stalls totaling ₱26,533,126.00 was still included in the books of accounts, contrary to Paragraph 87 of International Public Sector Accounting Standards (IPSAS) No. 17, thus, overstating the Buildings and Other Structures account balance by the same amount. Likewise, the procedure in the destruction/demolition of the building was not followed, contravening COA Circular No. 89-296 dated January 27, 1989."

Source Document