Management Status of
Ref. Observation Recommendations
Comments/Actions Implementation
balance of the Cash – Local
Treasury account in the
financial statements.
2023 AAR, Eleven depository accounts 3. We recommended and The complete list of the Implemented
AO No. 3, with a total deposit of the Municipal Treasurer depository accounts had been
page 48 ₱6,482,251.79 were not agreed to examine the submitted by the Municipal
found in the subsidiary nature of the deposits Accountant.
records of the LGU because that are not in the records
the Municipal Treasurer of the LGU and furnish
neglected to monitor and the Municipal
maintain a complete Accountant with the
inventory of depository complete list of the
accounts and reconcile these depository accounts to
with the accounting records, update the subsidiary
thus the accuracy of Cash in ledger of the Cash in
Bank balance is doubtful, Bank account.
affecting the fair presentation
of the Cash in Bank account 4. If the purpose of the SB Resolution No. 2024-121 Implemented
in the financial statements deposit is already served, was passed approving the
and exposing government close the account and closure and/or termination of
funds to risk of loss or transfer the deposit to the dormant accounts of the
misapplication. It likewise main depository account LGU.
resulted in the dormancy of of the General Fund or
five of these accounts. return the deposit to the
funding agency in the
case of a Trust Fund.
5. We further recommended Adjusting entry was prepared Implemented
and the Municipal via JEV No. ADJ-2024-001
Accountant agreed to dated July 31, 2024.
72
