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Millions in Unreconciled Funds in Bohol Capitol, says COA Report

The Commission on Audit (COA) has flagged financial inconsistencies in the Provincial Government of Bohol’s accounts, according to a recent audit report.

The report reveals that reconciling items totalling Php5.225 million pesos remained unadjusted as of 31 December 2022, contrary to COA regulations. 

This has led to a misstatement of the province’s cash accounts, COA said.

Auditors found discrepancies in both the current and savings accounts of the Capitol. 

COA said PGBh, under the leadership of Governor Aris Cabagnot Aumentado, failed to provide appropriate adjusting journal entries for these reconciling items, despite the issue being raised in previous annual audits.

The COA report states that “this has resulted in the misstatement of the ‘Cash in Bank’ account in the total amount of Php5,225,062.78 pesos”. 

It further notes that the specific accounts affected and the exact amounts of the misstatements cannot be determined due to a lack of supporting documents.

In response, the provincial accounting office (PAccO) has provided adjustments for the Cash in Bank account, submitting adjusted financial statements on 24 April 2023. These incorporate a total adjustment of Php3,836,288.61 pesos.

However, COA auditors maintain that there is still a need for PACCO to submit approved Journal Entry Vouchers for these adjustments to validate their correctness.

COA has recommended that PAccO, in coordination with the Provincial Treasurer’s Office, intensify efforts to retrieve supporting documents for the remaining reconciling items. 

COA said that the mandate is aimed at properly identifying the affected accounts and making appropriate adjusting entries.