Status of
Ref. Audit Observation Audit Recommendations
Implementation
condition of the Biological Assets recording in the book of accounts.
with total acquisition cost of
₱609,877.16 could not be 58. In case of death/loss of assets, Unimplemented
ascertained. Likewise, the account necessary adjusting entries shall be Work/Other Animals & Breeding
balances were not fairly presented taken only after the issuance of Stocks account had not been regularly
in the financial statements in Credit Notice arising from the updated because the Livestock
accordance with paragraph 16 of result of the evaluation of the relief Inspector was unable to update the
the Philippine Public Sector from accountability, if any. Municipal Accountant.
Accounting Standards (PPSAS) No.
27. 59. We also recommended that proper Unimplemented
Balances as of December 31, 2024: disclosure shall be provided in the The disclosure had yet to be updated
Breeding Stocks ₱2,859,887.16 Notes to the Financial Statements in due to the unverified balance.
Work/Zoo Animals 49,990.00 consonance with PPSAS 27 to
Total ₱609,877.16 provide information that may affect
the fairness of the presentation of
the financial statements.
AAR 39. The Municipality maintained a time 60. We recommended that the Unimplemented
2018 deposit of ₱1,000,000.00 with the Municipal Treasurer transfer the The ₱1,000,000.00 time deposit with
p.42 First Consolidated Bank (FCB), a time deposit with the First the FCB had been transferred to the
private bank, in excess of the Consolidated Bank, Dumaguete Philippine Veterans Bank (PVB) on
maximum amount insurable with Branch to either Land Bank of the May 2, 2019, as authorized under
the Philippine Deposit Insurance Philippines (LBP), Dumaguete Sangguniang Bayan Resolution No.
Corporation (PDIC) of Branch or Development Bank of 183 and Department of Finance
₱500,000.00, contrary to Section the Philippines (DBP), Dumaguete Circular No. 01-2017, which included
311 of Republic Act (RA) No. Branch, in compliance with Section PVB as an AGDB, but the Auditor
7160, thus, exposing public funds 311 of RA No. 7160, DOF would like to emphasize that PVB’s
to high risk of loss in case of bank Department Order No. 27-05 dated authority to accept funds from
closure or bankruptcy. December 9, 2005, and COA NGAs/GOCCs/ LGUs was subject to
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