THE Commission on Audit (CoA) has flagged the provincial government of Agusan del Norte for failing to reclassify close to half-a-billion pesos worth of construction projects to its property accounts, resulting in misstatements that casts doubt on the accuracy of its books.
State auditors gave a qualified opinion on Agusan del Norte’s financial report as its provincial accountant failed to reclassify P463 million worth of completed construction projects to their respective proper accounts.
“Completed Infrastructure Projects amounting to P463,381,241 were not reclassified to their respective Property, Plant and Equipment (PPE) Accounts, understating the said accounts by the same amount, overstating the Construction in Progress accounts by P413,451,021.96 and understating the Accounts Payable account by P49,930,219,” the CoA report read in part.
The Provincial Government of Agusan del Norte did not immediately respond to an e-mail seeking comment.
The provincial accountant did not reclassify the completed construction projects as “final payments for the said projects not yet made,” according to the audit report. — Kenneth Christiane L. Basilio
