• Sat. May 18th, 2024

    Cavite News

    Upholding Truth

    COA Uncovers P21 Million in Anomalies and Misappropriations in Kawit, Cavite

    In a startling revelation, the Commission on Audit (COA) has brought to light financial anomalies and misappropriations amounting to a staggering PHP21 million within the local government unit of Kawit, Cavite.

    The Depth of Discrepancies

    COA’s updated report exposes a series of financial irregularities, highlighting a significant overstatement in the municipality’s accounts payable.

    The lack of crucial documentation such as delivery receipts and contracts has cast a shadow over the legitimacy of these accounts.

    Municipal Mayor Angelo Aguinaldo has been urged by the COA to ensure the Municipal Accountant provides all necessary documentation to validate the recorded Accounts Payable.

    In the absence of such proof, adjustments must be made to the financial records to reflect the true state of affairs.

    Breaking Down the Overstatement

    The PHP21 million overstatement is dissected as follows:

    • Accounts Payable: PHP 4,061,253.35
    • Asset Accounts: Details not specified
    • Expense Accounts: Details not specified

    Detailed Asset Findings

    The audit report further specifies anomalies in asset categories:

    • Buildings and Other Structures: PHP 2,640,952.75 + PHP 123,730.00 = PHP 2,517,222.75
    • Machinery and Equipment: PHP 0.00 + PHP 123,730.00 = PHP 123,730.00
    • Transportation Equipment: PHP 17,076,733.95 + PHP 1,251,279.60 = PHP 18,328,013.55
    • Total Misappropriated Funds: PHP 19,969,966.30

    COA’s findings are a sobering reminder of the critical need for transparency and proper financial governance.

    The people of Kawit now look to their leaders for swift action and accountability in the wake of these revelations.