The city did not always send the exact amount of money it deducted from employees' pay to the GSIS pension fund. This happened because the city did not regularly check its records with GSIS when employees were hired, promoted, retired, or left. Also, a small amount was not accepted by the GSIS system and had to be paid later.

Why It Matters

Recommended Actions

No recommendations are available for this finding yet.

Original Audit Finding Excerpt

"However, as can be gleaned in the preceding table, there were resulting differences between the amounts withheld and remitted. As per inquiry, the GSIS billing statement was the basis for the remittance of amounts due to GSIS, whereas the payroll was the basis for recording in the books the amounts withheld. Said discrepancy was due to a lack of reconciliation of records with the GSIS on the status of employees, particularly among newly hired, promoted, retired, or resigned individuals."

Source Document