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Republic of the Philippines COMMISSION ON AUDIT NATIONAL GOVERNMENT SECTOR Cluster J-Executive Offices Commonwealth Avenue, Quezon City FOPEIGN SERVICE INSTITUTE May 4, 2018 4FSD-Financial Manayesase Secon RECEIVEL Director General CLARO S. CRISTOBAL Foreign Service Institute st Floor, DEA Building, 2330 Roxas Boulevard Pasay City 1300, Metro Manila, Philippines Dear Director General Cristobal: We are pleased to transmit the Annual Audit Report on the Foreign Service Institute (FSD) for Calendar Year 2016 in compliance with Section 43 of the Goverament Anditing Code of the Philippines (PD 1445). ‘The attached report consists of the Independent Auditor's Report, the Audited Financial Statements, the Observations and the corresponding Recommendations, which were discussed with concerned Management Officials and Staff, and the Status of Implementation of Prior Year's Audit Recommendations. ‘The audit was conducted to: a) ascertain the level of assurance that may be placed on the Management's assertion on the financial statements; b) determine the propriety of ‘transactions as well as extent of compliance on the applicable laves, rules and regulations; ©) recommend agency's improvement opportunities; and d) determine the extent of implications of prior year’s audit recommendations. Moreover, the audit was conducted in accordance with Philippine Public Sector Standards on Auditing. We believe chat our audit provides reasonable besis for our qualified audit opinion. ‘The significant audit observations are as follows 1, Receivables arising from irregular payment amounting to B283,452.99 were not recognized in the books, thereby, understating the account Due from Officers and Employees by the same amount. 2. The Accounts Payable with a balance of P2,162,721.47 as at December 31, 2017 ‘was overstated by PI,659,832.09 due to recognition of liability for goods not yet Gelivered in the amount of P263,741.50, contrary to Section 119 of PD No. 1445, Section 2(a), Chapter 2 of Government Accounting Manual (GAM), Volume and Item No. 6.1.2 of DBM Circular Leiter No. 2013-16, and crroncous recording of personnel benefits totaling P1,396,090.59 instead of Due to Officers and Employees. Pursuant to Section 88 of the General Provisions of the General Appropriations Act of 2017 (R.A. 10924), may we request a status report on the actions taken on our audit recommendations within 60 days from receipt of this report by accomplishing the atiached Agency Action Plan and Status of Implementation (AAPST) form as required under COA Memorandum No. 2014-002 dated March 18, 2014 We express our appreciation for the valuable support andl cooperation extended to the audit team by the officials and staff of that Agency. Very truly yours, qd SOFIA C. GEYTORA Director IT Diticer-in-Chrge oA

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