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Republic of the Philippines

COMMISSION ON AUDIT
Commonwealth Avenue, ue!on Cit", Philippines
STATE AUDITORS REPORT
The Board of Directors
Philippine Postal Co#po#ation
$iwasan% &onifacio, Manila
'e have au(ite( the accompan"in% financial statements of the Philippine Postal
Corporation, which comp#ise the balance sheet as of Decembe# )*, +,,-, the income
statement, statement of chan%es in e.uit" an( cash flow statement fo# the "ea# then
en(e(, an( a summa#" of si%nificant accountin% policies an( e/planato#" notes0
Managements Responsibility for the Financial Statements
Mana%ement is #esponsible fo# the p#epa#ation an( fai# p#esentation of these financial
statements in acco#(ance with Philippine 1inancial Repo#tin% Stan(a#(s0 This
#esponsibilit" inclu(es2 (esi%nin%, implementin%, an( maintainin% inte#nal cont#ol
#elevant to the p#epa#ation an( fai# p#esentation of financial statements that a#e f#ee f#om
mate#ial misstatement, whethe# (ue to f#au( o# e##o#3 selectin% an( appl"in% app#op#iate
accountin% policies3 an( ma4in% accountin% estimates that a#e #easonable in the
ci#cumstances0
Auditors Responsibility
Ou# #esponsibilit" is to e/p#ess an opinion on these financial statements base( on ou#
au(it0 'e con(ucte( ou# au(it in acco#(ance with Philippine Stan(a#(s on Au(itin%0
Those stan(a#(s #e.ui#e that we compl" with ethical #e.ui#ements an( plan an( pe#fo#m
the au(it to obtain #easonable assu#ance whethe# the financial statements a#e f#ee f#om
mate#ial misstatement0
An au(it involves pe#fo#min% p#oce(u#es to obtain au(it evi(ence about the amounts an(
(isclosu#es in the financial statements0 The p#oce(u#es selecte( (epen( on the
au(ito#5s 6u(%ment, inclu(in% the assessment of the #is4s of mate#ial misstatement of the
financial statements, whethe# (ue to f#au( o# e##o#0 In ma4in% these #is4 assessments,
the au(ito# consi(e#s inte#nal cont#ol #elevant to the entit"5s p#epa#ation an( fai#
p#esentation of the financial statements in o#(e# to (esi%n au(it p#oce(u#es that a#e
app#op#iate in the ci#cumstances, but not fo# the pu#pose of e/p#essin% an opinion on the
effectiveness of he entit"5s inte#nal cont#ol0 An au(it also inclu(es evaluatin% the
app#op#iateness of accountin% policies use( an( the #easonableness of accountin%
estimates ma(e b" mana%ement, as well as evaluatin% the ove#all p#esentation of the
financial statements0
'e believe that the au(it evi(ence we have obtaine( is sufficient an( app#op#iate to
p#ovi(e a basis fo# ou# opinion0
Opinion
As state( in Notes -7*8 an( Note +9:(; to the financial statements, the balance sheet
inclu(es va#ious assets an( liabilit" accounts in the total amount of P<-,0<=> million an(
)0-<) billion, #espectivel", which coul( not be substantiate( with suppo#tin% (ocuments0
These amounts have accumulate( p#io# to the inco#po#ation of the then &u#eau of Post
in *<<+ an( (u#in% the conve#sion of its accounts into the Co#po#ation5s boo4s0
Accounts Receivable an( Inte#7A%enc" Pa"able accounts inclu(e #ecip#ocal accounts of
P*0< billion an( P)0) billion, #espectivel", which have not been #econcile( an( eliminate(
in the consoli(ation of the ?ea( Office an( Re%ional Offices accounts0
Othe# Non7Cu##ent Assets, Othe# $iabilit" an( Retaine( @a#nin%s accounts inclu(e the
amounts of P*0+ billion, P8=,0) million an( P-,=09 million, #espectivel", #ep#esentin%
suspense accounts o# accounts which coul( not be substantiate( b" vali( (ocuments0
The #eco#(e( balance of the Cash in &an4 account in the amount of P89*09 million is
mo#e than the confi#me( ban4 balance of P***0) million0 $i4ewise, the balance of the
Cash with Collectin% Office# account of P->0- million is mo#e than the #epo#te( balance
in the postmaste#5s financial #epo#t of P+,0- million0 No #econciliation was ma(e of the
va#iances of P9),0* million an( P+,0- million, #espectivel"0
Cash #eceive( f#om the &u#eau of T#easu#" in the amount of P++0> million inten(e( as
a((itional %ove#nment e.uit" to the Co#po#ation was e##oneousl" t#eate( as subsi("
income0
In ou# opinion, because of the effects of the matte#s (iscusse( in the p#ece(in%
pa#a%#aphs, the financial statements #efe##e( to above (o not p#esent fai#l" in
confo#mit" with the Philippine 1inancial Repo#tin% Stan(a#(s, the financial position of the
Philippine Postal Corporation as of Decembe# )*, +,,-, an( its financial
pe#fo#mance an( its cash flows fo# the "ea# then en(e(00
COMMISSION ON AUDIT
ROAND A! RE"
Di#ecto# IA
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