Republic of the Philippines

Palawan State University

College of Teacher Education – College Lower
Council

Statement of Financial Position

As of September 30, 2017

Assets: Note

Cash 1 3,620
Accounts Receivable 2
5,130
Total Assets
8,750

Liabilities

Payable to Officers 3
2,400
Total Liabilities 2,400

Net Assets

Restricted 0
Unrestricted Assets
6,350

Net Assets 6,350

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 Republic of the Philippines
Palawan State University
College of Teacher Education – College Lower
Council

Notes to Financial Statements

For the Year Ended September 30, 2017

Note 1
Parade and Merry Making Fee
4,250
Parade and Merry Making Expenses 630_
Total 3,620

Note 2:

Accounts Receivable
Organization: BEESO 4,180.00
CTE-Faculty
950.00
Total 5,130.00

Note 2:

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Payable to Officers
12 officers who paid organization shirt
2,220.00
Officer’s contribution
180.00
Total 2,400.00

PALAWAN STATE UNIVERSITY

University Student Council
STUDENT COMMISSION ON AUDIT

College of Teacher Education – College Lower Council

UNQUALIFIED OPINION

The following are the initial audit findings which

were derived based on the source documents, evidences
gathered and the inquiries made by the team which was
answered by the respective officers in charge, for the month of
May to September year 2017. Other tests were also done by the
audit team which helped in arriving to such findings. These are
only partial results and findings which may be subject to change
depending on the flow of audit for the following months or if
other documents are presented which will prove otherwise.

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 Audit Findings
1.) The accounts
receivable in the Statement
of Financial Position which
was carried from the past
administration last March
31, 2017 amounting to
5,130, accountable persons
could not be traced, no
listings were found and no
documents were evident to
prove its existence.
2.) Accounts payable
amounting to 2,400 carried
from the past
administration last March
31, 2017 could not be
proved to be existing and
no documents would
substantiate such amount.
3.) The officers were
unable to authenticate the
amount of funds or cash of
any kind that they hold as
of the moment, except for
the letter of none collection
for the months of May to
Officers’ Response
They were not notified by the
past administration with
regards to the amount
outstanding. They do not know
where the documents or
listings are located to prove the
existence and the persons
accountable for the amount.
The officers were able to
present a letter evidencing that
they hold no account of such
signed by the respective
authorities of their council.
The officers had no knowledge
of the liability of the
organization and they hold no
evidence to prove such liability.
They also do not have any of
the receipts from the past
administration. The officers
were able to present a letter
evidencing that they hold no
account of such signed by the
respective authorities of their
council.
The officers were not able to
show their current bank book,
the bank book was not in their
possession as of the moment.
The previous bank book was
not handed to incumbent
officers and it was said that
they really had no transfer of
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 July year 2017. cash or any other assets so to
speak.
4.) An amount of An amount of 3,620 was still on
3,620 was still on hand. hand and the organization as
The organization has not previously discussed has not
created a new account in the
established a bank book.
bank for the safe keeping of
their funds.

Signed by:

____________________
VANESSA GACASA
GOVERNOR
CTE-CL