Status of
Ref. Observation Recommendation Implementation/Results
of Validation
International Public of the Loans
Sector Accounting Payable – Domestic
Standards (IPSAS), account, to properly
thus affecting the inform the users of
usefulness of the the financial
financial information statements the
on loans to its users, financial
especially its performance of the
constituents. City Government,
particularly in
financial
management.
AAR Money from the grant 8. The City Treasurer Implemented
2023, of cash advances which shall ensure that the
AO no. were in the custody of cash The bonds of AOs were
5, page the disbursing officer accountabilities of already enough to cover
44 exceeded the AOs are in their respective
maximum accordance with accountabilities.
accountability covered their existing
by his bond, contrary to bonds, pursuant to
Section 305 (f) of Treasury Circular
Republic Act (RA) No. No. 02-2019.
7160 and Treasury 9. Management Implemented
Circular No. 02-2019, review and evaluate
thus increasing the risk the maximum Upon issuance of the
that the government accountabilities of observation, the City
may not be able to AOs and apply for Treasurer evaluated the
recover its funds in an increase in the maximum
case of loss or amount of bond, accountabilities of each
defalcation. when necessary, in AOs. The results of this
accordance with evaluation were used in
RA No. 7160 and the application of bonds
Treasury Circular for the next financial year
No. 02-2019. (CY 2024).
AAR The Cashier collects 10. Management stop Implemented
2023, and safekeeps funds the practice of
AO no. other than those for the assigning the The Cashier no longer
6, page City Government, Cashier to act as a acts as a treasurer for
45 contravening the treasurer for other other associations or
stipulations outlined in associations or as a collector of other funds
92
