The city received four donated vehicles but has not recorded them as assets in its accounting records, so its financial statements are incomplete and do not reflect all the resources it owns.

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Original Audit Finding Excerpt

"Four transportation equipment acquired by the City through donation were not yet recognized in the books as at December 31, 2023 contrary to IPSAS No. 23 (Revenue from Non-Exchange Transactions - Taxes and Transfers). Thus, the Transportation Equipment and Prior Year's Adjustment accounts were understated by an undetermined amount."

Source Document