COA ticks off discrepancies in Talisay's inventory report

The Commission on Audit 7 has found some discrepancies in the annual inventory report submitted by Talisay City.

In her letter addressed to Delfin Aguilar-Cluster IV Director, COA 7 Cluster director Helen Hilayo said the "PPE (Property, Plant and Equipment) account is doubtful because of the non-submission of complete Inventory Report-P69.09 million."

This letter dated May 30, was submitted after the COA officials ended its discussion on the city's financial report.

Hilayo said the city's assets are also understated by P47 million "due to the non-recording of assets under the Trust Fund and General Fund. The COA also said the Cash in Bank Account was overstated by P9.19 million "due to non-adjustment in the agency books."

Another account, Supplies Inventory, is "overstated" by P1.6 milllion, the COA said.

In adherence to Section 2, Article IX-D of the Constitution and sections of Presidential Decree No. 1445, COA conducted a Financial Compliance Audit on the accounts and operations of the city for the year ended December 31, 2005.

"The audit was conducted to ascertain the propriety of financial transactions and compliance of the agency to prescribed rules and regulations. It was also made to ascertain the accuracy of financial records and reports, as well as the fairness of the presentation of the financial statements," read Hilayo's letter.

The city will be made to explain the discrepancies. - Liv G. Campo