CoA: Malabon's 2023 cash in bank 'unreliable'
THE Commission on Audit (CoA) flagged Malabon City after it found that the year-end 2023 balance of the city's Cash in Bank account was «unreliable» because of «discrepancies.»
In a May 16, 2024 letter transmitting the annual audit report on the city for 2023, CoA mentioned observations and recommendations that, it said, needed «immediate action.»
The letter was addressed to Malabon Mayor Jeannie Sandoval.
Commission on Audit«The accuracy… of the year-end balance of the Cash in Bank (CIB) account totaling P2.183 billion was unreliable due to the noted discrepancies of P392.859 million and (P24.877 million) when compared with the balances per cash book and per bank confirmation, respectively,» CoA said.
It said the discrepancies were «attributable to the: (i) absence of reconciliation between the subsidiary ledger (SL) and cashbook; and (ii) significant delay in the preparation and submission of Bank Reconciliation Statement (BRS).»
The agency said the discrepancies were attributable «to the absence of reconciliation between the subsidiary ledger and cash book.»
AdvertisementCoA urged the mayor to require the City Accounting Department (CAD) to "[p]roperly document and adjust in the books the derecognition of three bank accounts declared as closed by the Philippine National Bank."
It also recommended that she require the CAD to "[r]egularly prepare and submit the BRS to CoA within the prescribed period."
Also, CoA recommended that the mayor require the City Treasury Department to "[r]ecord in the cashbook the two bank accounts maintained with the LBP [Land Bank of the Philippines] with a combined book balance of P1,087,657.71."
