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Annual Audit Report And Recommendation 2022.pdf

Agency-Action-Plan-and-Status-as-of-Dec-31-2022-updated-ao-Feb-14-2023.pdf
Preview of Annual Audit Report and Recommendation 2022
🔗 Source: dap.edu.ph
📊 Size: 641 KB
👤 Author: pc
⬇️ Downloads: 213

Summary

As of December 31, 2022, the agency has implemented actions to address audit observations and recommendations from the 2021 Annual Audit Report (AAR). Out of 23 total recommendations, 15 were fully implemented, 6 were partially implemented, and 2 were not implemented.

Specific actions taken include:
- Adjusting the Unearned Revenue/Income account to correct an overstatement of P18.517 million.
- Recognizing income on the period it was earned, following the accrual basis of accounting.
- Coordinating with project managers to properly recognize income in the books of accounts.
- Settling the issue on unpaid penalty charges for delayed payment of office space rental.
- Reconciling the Receivables account with clients' records and making necessary adjustments.
- Providing an Allowance for Impairment for receivables from other government agencies that have remained outstanding for more than ten years.
- Ensuring proper monitoring of receivables, including regular verification, analysis, and validation of their existence.

Target implementation dates for partially implemented actions range from December 31, 2022, to December 31, 2023. Responsible persons/departments include the Finance and Legal Departments, and the Treasury Office.

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Description

As of December 31, 2022, the agency has implemented actions to address audit observations and recommendations from the 2021 Annual Audit Report (AAR).

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  • File Format: PDF
  • File Size: 641 KB
  • Pages: 57
  • Language: EN
  • Author: pc
  • Total Downloads: 213
  • Last Updated: 1 week ago

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