1. Malabon COA flags
2. Cash-in-bank discrepancy
3. Malabon 2023 audit
The Commission on Audit (COA) flagged a discrepancy in Malabon City’s cash-in-bank account for 2023, totaling P2.183 billion. COA noted discrepancies of P392.859 million and (P24.877 million) in comparison with the balances per cashbook and bank confirmation. The COA also found the city’s Property, Plant, and Equipment (PPE) accounts totaling over P4 billion to be unreliable due to improper descriptions. Despite these issues, COA gave a “qualified opinion” on the city’s financial statements. Recommendations were made to address the discrepancies, including proper documentation and adjustment of bank accounts. Malabon City has yet to respond to inquiries regarding the matter.
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Related Story.
The Commission on Audit (COA) recently flagged a significant discrepancy in the cash-in-bank account of Malabon City for the year 2023. In a letter dated May 16, the COA highlighted that the balance of the city’s cash-in-bank account was deemed unreliable due to the noted discrepancies amounting to P392.859 million and (P24.877 million) when compared with the balances per cashbook and per bank confirmation.
The discrepancies were attributed to the absence of reconciliation between the subsidiary ledger and cashbook, as well as a significant delay in the preparation and submission of the Bank Reconciliation Statement. Additionally, the year-end balance of the city’s Property, Plant, and Equipment (PPE) accounts, totaling more than P4 billion, was also found to be unreliable due to PPE items lumped together with inadequate descriptions.
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Despite these discrepancies, the COA issued a “qualified opinion” on the city’s financial statements. This means that while there were significant exceptions noted during the audit, the overall fairness of the presentation of the financial statements was acknowledged by the Auditor.
To address the discrepancies, the COA recommended several actions to be taken by Malabon City officials. The city’s accounting department was advised to properly document and adjust the bank accounts, prepare and submit the necessary documents to the COA, and ensure the accurate recording of the city’s bank accounts. Furthermore, the inventory committee was instructed to establish the cost of the PPE items and verify the status of missing assets.
As of writing, Inquirer.net has reached out to Malabon City for comment, but no response has been received yet. It is crucial for the city officials to address these discrepancies promptly to ensure the accuracy and reliability of their financial records.
In conclusion, the COA’s findings highlight the importance of proper financial management and transparency in government agencies. By addressing the discrepancies and taking corrective actions, Malabon City can uphold accountability and integrity in its financial operations. Stay tuned for updates on this developing story.
Source:
– [Inquirer.net](https://newsinfo.inquirer.net/)