Davao City gov’t flagged by COA for ₱9.48-B ‘questionable assets’

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A 2020 audit report showed that the government of Davao City was flagged by state auditors for the questionable existence of assets amounting to ₱9.48 billion.

In a report on Davao City issued on February 28, the Commission on Audit gave a “qualified opinion” on the local government’s financial statements.

This entails that the auditor noted the failure of the Davao City government to provide adequate disclosures on its property, plan, and equipment accounts even though the city’s financial reports were fairly presented.

It was stated in the report that ₱9.48 billion, or 40.10% of the ₱23.66 billion total assets recorded as of end of December “could not be ascertained to its validity, correctness, and existence due to the absence of an actual count…”

COA said that the city government likewise failed to submit a Report on the Physical Count of Property, Plant and Equipment or RPCPPE resulting from the coronavirus community quarantine restrictions.

The audit report added that the inventory accounts amounting to ₱97 million were also “doubtful and unreliable.”

“There had been no actual count conducted nor an RPCI was submitted to validate such recorded balances, neither a reconciliation was made possible between the supply records and accounting records, again due to the constraints brought about by the COVID-19 pandemic,” it explained. RPCI refers to the Report on the Physical Count of Inventories.

House committees to hold hearings during break

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Spread the loveMANILA – The House of Representatives has authorized for its committees to conduct hearings during the five-week congressional break, extending until late April.