Audit Methodology
The Commission has been implementing risk-based audit in the conduct of its audit services.
However, to meet the evolving developments in public governance and fund management, the
results-based approach in audit was incorporated.
Scope of Audit
An audit was conducted on the accounts and operations of the City of Guihulngan for 2024.
The audit consisted of a review of operating procedures, evaluation of the LGU’s programs
and projects, interview of concerned government officials and employees, verification,
reconciliation, and analysis of accounts, and other procedures considered necessary.
Financial Highlights
The financial condition and results of operation of the City Government of Guihulngan as of
December 31, 2024, with comparative figures for 2023 are summarized, as follows:
Statement of Financial Position
2024 2023 Increase/(Decrease)
Assets ₱3,817,177,128.55 ₱3,773,591,015.59 ₱43,586,112.96
Liabilities 1,085,290,867.66 973,589,330.41 111,701,537.25
Equity 2,731,886,260.89 2,800,001,685.18 (68,115,424.29)
Results of Operations
2024 2023 Increase/(Decrease)
Revenue ₱1,111,565,131.13 ₱1,049,986,573.82 ₱61,578,557.31
Personal Services 295,528,862.06 262,416,634.46 33,112,227.60
MOOE 632,390,299.00 543,721,694.25 88,668,604.75
Non-Cash Expenses 100,349,763.70 74,707,674.97 25,642,088.73
Financial Expenses 40,853,750.71 28,582,402.57 12,271,348.14
Transfers, Assistance,
81,008,162.62 65,931,447.68 15,076,714.94
and Subsidy From
Transfers, Assistance,
85,504,650.06 59,994,617.94 25,510,032.12
and Subsidy To
Net Profit/(Loss) 37,945,968.22 146,494,997.31 (108,549,029.09)
Independent Auditor’s Report on the Financial Statements
The Auditor rendered a qualified opinion on the fairness of presentation of the financial
statements for the year then ended due to the exception as discussed in Part II of the Report on
the non-reconciliation of the Property, Plant and Equipment (PPE) account resulting to a net
difference amounting to ₱40,304,574.47.
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