RECIPROCAL ACCOUNTS - PowerPoint PPT Presentation

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RECIPROCAL ACCOUNTS
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RECIPROCAL ACCOUNTS

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  1. RECIPROCAL ACCOUNTS

  2. OVERVIEW • AUDIT OF RECIPROCAL ACCOUNTS • Standards and Procedures • Elimination of Reciprocal Accounts • Audit Findings • 2008 & 2007 • Analysis of Reciprocal Accounts • Deficiencies Noted • Recommendations

  3. AUDIT OF RECIPROCAL ACCOUNTS Criteria • Philippine Accounting Standards No. 27 • Intra-group balances • Intra-group transactions • GAFMIS Circular Letter 2003-007 • Regional Office vs. Operating Units • Central Office vs. Regional Offices • Central Office vs. Operating Units

  4. AUDIT OF RECIPROCAL ACCOUNTS

  5. AUDIT OF RECIPROCAL ACCOUNTS • Unreconciled discrepancy between the reciprocal accounts totaled to P2.2 billion and only 3 of the sixteen regional offices have eliminated the Intra-agency receivables and payables accounts (2008 CAAR) • The reciprocal accounts were neither eliminated nor reconciled (2007 CAAR)

  6. AUDIT OF RECIPROCAL ACCOUNTS • 2008 Audit Findings

  7. AUDIT OF RECIPROCAL ACCOUNTS • 2007 Audit Findings

  8. AUDIT OF RECIPROCAL ACCOUNTS • Identified Causes of Discrepancy (2008 Audit)

  9. AUDIT OF RECIPROCAL ACCOUNTS

  10. AUDIT OF RECIPROCAL ACCOUNTS • 2008 Audit

  11. AUDIT OF RECIPROCAL ACCOUNTS • 2008 Audit

  12. AUDIT OF RECIPROCAL ACCOUNTS • Identified Causes of Discrepancy (2007 Audit)

  13. AUDIT OF RECIPROCAL ACCOUNTS • Identified Causes of Discrepancy (2007 Audit)

  14. AUDIT OF RECIPROCAL ACCOUNTS • Identified Causes of Discrepancy (2007 Audit)

  15. AUDIT OF RECIPROCAL ACCOUNTS • Identified Causes of Discrepancy (2007 Audit)

  16. AUDIT OF RECIPROCAL ACCOUNTS • Audit of Payroll (2007 Audit)

  17. AUDIT OF RECIPROCAL ACCOUNTS • Recommendations: • For the Central, Regional and Operating Units’ accountants to review and reconcile reciprocal accounts and prepare the necessary adjustments • Adoption of the prescribed accounting entries by the GAFMIS on payroll transactions