The Commission on Audit (COA) has flagged the Candoni municipal government in Negros Occidental for various financial management issues, among them inconsistent accounting of property and equipment, and unremitted collections.
In a report covering financial activities in 2023, the COA said it found a glaring P188.934 million difference between accounting reports and the town’s Report on the Physical Count of Property, Plant and Equipment as of the end of that year.
The report reflected a total net book value of P453.197 million in land, infrastructure, machinery, transport equipment and other assets.
Meanwhile, the actual asset count was valued at just P264.263 million.
The commission said properties recorded in the LGU’s official report “were not found by the inventory team,” thus the inconsistency. It said such difference “casts doubt on the reliability of PPE (property, plant and equipment) balances … affecting the fair presentation of the PPE accounts in the financial statements.”
