Status of
Ref. Observation Recommendations Implementation / Results
of Validation
38) The CAO to prepare promptly the Unimplemented
journal entries to take up the This is reiterated in
SSMI, Inspection and Inventory the audit of CY 2024
Report on Unserviceable accounts as AO No.
Properties, and other asset 2.
disposals submitted by the CGSO
with complete documentation
that would warrant the dropping
of the same from the books.
2022 13) The City’s Biological 39) The City Mayor direct the City Unimplemented
AAR, Assets amounting to Agriculturist and the City Ongoing
AO ₱10,250,836.79 were not measured Veterinarian to prepare the implementation of the
No. 2, at their fair value, less costs to sell at Updated Schedule of Biological recommendation
page the end of the reporting period, Assets of the City at the end of
41 contrary to the provisions of IPSAS each reporting period and
27, thereby affecting the fairness of submit the same to the CAO for
the presentation of the account in the the immediate recognition of
financial statements and making the adjustments in the City’s books
balance unreliable. of accounts. The schedule will
reflect the fair value less costs
to sell for each biological asset
(especially for breeding stocks),
any additions resulting from
birth, and reductions due to
deaths and distributions.
2022 14) The City did not conduct an The City Mayor direct the:
AAR, annual physical count of all its
AO biological assets amounting to 40) City Inventory Committee to Unimplemented
No.3, ₱10,250,836.79, resulting in its conduct a physical count of all
page failure to prepare and submit the the biological assets recorded in Ongoing
44 RPCPPE for Biological Assets as of the books of accounts of the City; implementation of the
December 31, 2022. Neither did it recommendation
maintain the Stock Cards/Property
Cards nor disclose in the Notes to 41) CGSO to prepare the required Unimplemented
the Financial Statements the nature, stock cards/ property cards upon Ongoing
description, and existence of the determination of the biological implementation of the
biological assets, contrary to the assets’ existence; recommendation
NGAS Manual for LGUs, Volume I
and IPSAS 27, thereby casting doubt 42) City Accountant to coordinate Unimplemented
on the existence, validity, and with the CGSO to reconcile any Ongoing
correctness of the Biological Assets discrepancies between the implementation of the
account in the financial statements. recorded biological assets in the recommendation
books of accounts against the
results of the actual physical
inventory count; and
43) City Accountant to coordinate Unimplemented
with the City Veterinarian and Ongoing
City Agriculturist to disclose in implementation of the
the Notes to the Financial recommendation
Statements all important
information for each type of
biological asset for proper
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