Status of
Ref. Observation Recommendation Implementation/Results
of Validation
presentation of the than to current
financial statements. period expenditures
or nominal
accounts, to reflect
the actual financial
performance of the
City Government of
Bayawan, in
conformity with
Section 119 of PD
1445 and IPSAS 1.
AAR The City has been 5. The City Implemented
2023, recording one idle and Accountant shall
AO no. dormant bank account make the The City Accountant,
3, page in the Trust Fund adjustments to with the coordination and
41 amounting to remove the said confirmation with the
₱19,500.00, even if the account from the City Treasurer, already
account does not books of the City made adjustments to
belong to the City Government. remove the said account.
Government, 6. The City Treasurer Implemented
inconsistent with the shall also establish
IPSAS 1, thereby a monitoringThe City Treasurer is
overstating its Cash-in- system of all its now more proactive in
Bank account by the bank accounts to monitoring its bank
same amount. prevent the same accounts, creating a
issue goingmonitoring system which
forward. includes confirmation
and verification of the
LGU accounts.
AAR Disclosures in the 7. The City Implemented
2023, Notes to Financial Accountant shall
AO no. Statements on the revise the Notes to The Loans Payable
4, page “Loans Payable – the Financial account in the Notes to
43 Domestic” account Statements to the Financial Statements
balance of include the now included the
₱647,885,515.05 are principal amount, necessary information
incomplete, a departure interest rate, required for the fair
from the fair maturity date, presentation of the
presentation purpose of the loan, financial statements.
requirement under the and interest expense
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