N Republic of the Philippines COMMISSION ON AUDIT Cluster 2 - Oversight and Public Debt Management Agencies T Team 2 - Audit Group H - NEDA Commonwealth Avenue, Quezon City INDEPENDENT AUDITOR'S REPORT The National Statistician and Civil Registrar General Philippine Statistics Authority East Avenue, Quezon City Pursuant to Section 2, Article IX-D of the Constitution of the Philippines and Section 43 of the Government Auditing Code of the Philippines (PD 1445), we have audited the operations of the Philippine Wealth Accounting and Valuation of Ecosystem Services Project (Phil-WAVES) being implemented by Philippine Statistics Authority for the fiscal year ending December 31, 2017. The audit was conducted in accordance with the applicable legal and regulatory requirements, and generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable basis for our conclusions. Auditor's Opinion In our opinion, the financial statements referred to the above project, present fairly in all material respects, the financial position as of December 31, 2017 and the results of its operations and its cash flows for the year then ended in accordance with applicable laws, rules and regulations and in conformity with applicable generally accepted state accounting principles. Responsibility of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the PPSASs, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. Auditor's Responsibilities for the Audit of the Financial Statements The audit was conducted to: (a) verify the level of assurance that may be placed on management's assertions on the financial transactions/disbursements; (b) recommend agency improvement opportunities; and (c) determine the extent of implementation of prior year's audit recommendations, if any. COMMISSION ON AUDIT By: p LIANA F. LAZO 'State Auditor IV OIC-Supervising Auditor 08 January 2019 6 REPUBLIC OF THE PHILIPPINES PHILIPPINE STATISTICS AUTHORITY Reference No. 17FASO3-059 STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS (Foreikn Assisted Project) The management of PHILIPPINE STATISTICS AUTHORITY is responsible for all information and representations contained in the accompanying Statement of Financial Position as at December 31, 2017 and the related Statements of Financial Performance, Statement of Cash Flows. Statement of Comparison of Budget and Actual Amounts, Statement of Changes in Net Assets/Equity and Notes to Financial Statements for the year then ended. The financial statements have been prepared in conformity with generally accepted state accounting principles and reflect amounts that are based on the best estimates and informed judgment of management with an appropriate consideration to materiality. In this regard. management maintains a system of accounting and reporting which provides for the necessary internal controls to ensure that transactions are properly authorized and recorded, assets are safeguarded against unauthorized use or disposition and liabilities are recognized. EVELYN F. TOLENTINO LISA GRACE S. BERSALES Ph.D. Chief, Accountin2 Division Undersecretary National Statistician and Civil Registrar General February 13, 2018 February 13, 2018 Date signed Date signed /EFT/M OLB/mngrresp2017 %2,aqe-nn f PSA Complex, East Avenue, Diiman, Quezon City, Phlippines 1101 .n :Telephone (632) 938-5267 T . n . A www psa.gov.ph L QcZJY 7 STATEMENT OF FINANCIAL POSITION FOREIGN-ASSISTED PROJECT FUND As at December 31, 2017 (in Philippine Peso) Note 2017 2016 ASSETS Current Assets Cash and Cash Equivalents - 894,400,07 Other Assets 4 5,856.75 - Total Current Assets 5,856.75 894,400.07 Non-Current Assets Total Non-Current Assets - - TOTAL ASSETS 5,856.75 894,400.07 LIABILITIES Current Liabilities Inter-Agency Payables - 354,511.84 Total Current Liabilities - 354,511.84 TOTAL LIABILITIES - 354,511.84 Total Assets Less Total Liabilities 5,856.75 539,888.23 NET ASSETS/EQUITY Accumulated Surplus/(Deficit) 5,856.75 539,888.23 Total Net Assets/Equity 5,856.75 539,888.23 This statement should be read in conjunction with the accompanying notes. 8 STATEMENT OF FINANCIAL PERFORMANCE FOREIGN-ASSISTED PROJECT FUND For the Year Ended December 31, 2017 (in Philippine Peso) Note 2017 2016 Revenue Service and Business Income 5 4,057.74 4,723.65 Total Revenue 4,057.74 4,723.65 Less: Current Operating Expenses Personnel Services . - Maintenance and Other Operating Expenses 6 12,915,810.81 11,188,745.91 Financial Expenses 7 2,883.33 5,228.92 Non-Cash Expenses - - Total Current Operating Expenses 12,918,694.14 11,193,974.83 Surplus(Deficit) from Current Operations (12,914,636.40) (11,189,251.18) Net Financial Assistance/Subsidy 8 12,400,698.22 11,729,139.41 Gains Losses - Surplus (Deficit) for the period (513,938.18) 539,888.23 This statement should be read in conjunction with the accompanying notes. 9 STATEMENT OF CHANGES IN NET ASSETS/EQUITY FOREIGN-ASSISTED PROJECT FUND For the Year Ended December 31, 2017 (in Philippine Peso) 2017 2016 Balance at January I 539,888.23 Add/(Deduct): Change in Accounting Policy - Prior period errors 32,906.70 Otter Adjustments - - Restated Balance 572,794.93 - Add/(Deduct): Changes in Net Assets/Equity for the Calendar Year Surplus for the period (513,938.18) 539,888,23 Adjustment of net Revenue recognized directly in net assets/equity -- Others (53,000.00) - Balance at December 31 5,856.75 539,888.23 10 STATEMENT OF CASH FLOWS (CONDENSED) FOREIGN-ASSISTED PROJECT FUND For the Year Ended December 31, 2017 (in Philippine Peso) Note 2017 2016 Cash Flows From Operating Activities Cash Inflows Receipt of Notice of Cash Allocation 13,559,718.25 8,460,316.30 Collection of Income/Revenues 4,057.74 Other Receipts 10.00 - Adjustments - inflows 30,850.24 9,404.16 Total Cash Inflows 13,594,636.23 8.469.720.46 Cash Outflows Payment of operating expenses 12,457,898.43 10,665,364.63 Grant of Cash Advances 5,856.75 - Remittance of Personnel Benefit Contributions 9 1,161,578.24 900,425.18 and Mandatory Deductions Adjustments - outflows 810,702.88 - Total Cash Outflows 14,436,036.30 11,565,789.81 Net Cash Provided by (Used in) Operating Activities -841,400.07 -3.096,069.35 Cash Flows from Investing Activities Cash Inflows Total Cash Inflows - Cash Outflows Purchase/Construction of Property, Plant and Equipment 53,000.00 - Total Cash Outflows 53,000.00 0.00 Cash Provided by (Used in) Investing Activities -53,000.00 0.00 Effects of Exchange Rate Changes on Cash and Cash Equivalents - Total Cash Provided by (Used in) Operating, Investing and Financing Activities -894,400.07 -3.096.069.35 Add: Cash Balance. Beginning January 1 894,400.07 399046942 Cash Balance, Ending December 31 0.00 894,400.07 11 STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS FOREIGN-ASSISTED PROJECT FUND For the Year Ended December 31, 2017 RECEIPTS Tax Revenue Services and Business Income Assistance and Subsidy Shares P Grants and DonationsB g Gains F Other Non-Operating Income Other Non-Operating Receipts Loan Proceeds Refund of Petty Cash and Advances Others Total Receipts - - . PAYMENTS Personmel Services Maintenance and Other Operating Expenses 12,329,801 85 12,329,801.85 12,329,801.85 - Capital Outlay Financial Expenses 2,883.33 2,883.33 2,883.33 - Debt Service (Principal Amortization) Total Payments 12,332,685.18 12,332,685.18 12,332,685.18- NET RECEIPTS/PAYMENTS (12,332,685.18) (12,332,685.18) (12,332,68518) 12 t Republic of the Philippines Philippine Statistics Authority Notes to Financial Statements For the year ended December 31, 2017 1. General Information/Agency Profile The financial statements of Philippine Statistics Authority (PSA) were authorized for issue on February 28, 2018 as shown in the Statement of Management Responsibility for Financial Statements signed by Lisa Grace S. Bersales, PhD, National Statistician and Civil Registrar General. The PSA, pursuant to its mandate as the primary statistical agency of the government and its functions as stipulated in Republic Act No. 10625 and its Implementing Rules and Regulations, produced timely, reliable and relevant official statistics, and provided statistical products and services to support the formulation of development plans and programs, decision making, research and public policy discussion. It shall plan, develop, prescribe, disseminate and enforce policies, rules and regulations and coordinate government-wide programs governing the production of official statistics, general purpose-statistics, and civil registration services. It shall primarily responsible for all national censuses and surveys, sectoral statistics, consolidation of selected administrative recording systems and compilation of national accounts. In addition, pursuant to Article 7 of the Family Code, the PSA also issues certificates of registration of authority to solemnize marriage to solemnizing officers. The Agency's registered address is 2/F TAM Building, PSA Complex, East Avenue, Diliman, Quezon City, Philippines 1101, 2. Statement of Compliance and Basis of Preparation of Financial Statements The financial statements have been prepared in accordance with and comply with the Philippine Public Sector Accounting Standards (PPSAS) issued by the Commission on Audit (COA) per COA Resolution No. 2014-003 dated January 24, 2014. The financial statements have been prepared on the basis of historical cost, unless stated otherwise. The Statement of Cash Flows is prepared using the direct method. 13 PSA Notes to Financial Statements Foreign-Assisted Project Fund- Phil-fAfES Project 2017 3. Summary of Significant Accounting Policies 3.1 Basis of accounting The financial statements are prepared on an accrual basis in accordance with the Philippine Public Sector Accounting Standards (PPSAS). 3.2 Financial instruments a. Financial assets Initial recognition and measurement Financial assets within the scope of IPSAS 29 Financial Instruments: Recognition and Measurement are classified as financial assets at fair value through surplus or deficit, loans and receivables, held-to-maturity investments or available-for-sale financial assets, as appropriate. PSA determines the classification of its financial assets at initial recognition. PSA's financial assets include: cash and short-term deposits and other receivables; Subsequent measurement The subsequent measurement of financial assets depends on their classification. Derecognition PSA derecognizes a financial asset or, where applicable, a part of a financial asset or part of PSA of similar financial assets when: * The rights to receive cash flows from the asset have expired or is waived * PSA has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party; and either: (a) PSA has transferred substantially all the risks and rewards of the asset; or (b) PSA has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment offinancial assets PSA assesses at each reporting date whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred 'loss event') and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include the following indicators: 14 PSA Notes to Financial Statements Foreign-Assisted Project Fund - Phil-[VATES Project 2017 * The debtors or a group of debtors are experiencing significant financial difficulty * Default or delinquency in interest or principal payments * The probability that debtors will enter bankruptcy or other financial reorganization * Observable data indicates a measurable decrease in estimated future cash flows (eg. changes in arrears or economic conditions that correlate with defaults) b. Financial liabilities Initial recognition and measurement Financial liabilities within the scope of PPSAS 29 are classified as financial liabilities at fair value through surplus or deficit or loans and borrowings, as appropriate. PSA determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, plus directly attributable transaction costs. The PSA's financial liabilities include trade and other payables. Subsequent measurement The measurement of financial liabilities depends on their classification. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in surplus or deficit. c. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. 3.3 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank, deposits on call and highly liquid investments with an original maturity of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant risk of 15 PSA Notes to Financial Statements Foreign -A ssisted Project Fund - Phil-W4 UES Project 2017 changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts. 3.4 Inventories Inventory is measured at cost upon initial recognition. To the extent that inventory was received through non-exchange transactions (for no cost or for a nominal cost), the cost of the inventory is its fair value at the date of acquisition. Inventories are recognized as an expense when deployed for utilization or consumption in the ordinary course of operations of the PSA. 3.5 Property, Plant and Equipment Recognition An item is recognized as property, plant, and equipment (PPE) if it meets the characteristics and recognition criteria as such. The characteristics of PPE are as follows: * tangible items; * are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and * are expected to be used during more than one reporting period. An item of PPE is recognized as an asset if * It is probable that flture economic benefits or service potential associated with the item will flow to the entity; and * The cost or fair value of the item can be measured reliably. Measurement at Recognition An item recognized as property, plant, and equipment is measured at cost. A PPE acquired through non-exchange transaction is measured at its fair value as at the date of acquisition. The cost of the PPE is the cash price equivalent or, for PPE acquired through non- exchange transaction its cost is its fair value as at recognition date. 16 PSA Notes to Financial Statements Foreign-Assisted Project Frmd- Phil-HAVES Project 2017 Cost includes the following * Its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; * expenditure that is directly attributable to the acquisition of the items; and * initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired, or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period. Measurement After Recognition After recognition, all property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. When significant parts of property, plant and equipment are required to be replaced at intervals, PSA recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major repair/replacement is done, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized as expense in surplus or deficit as incurred. Depreciation Each part of an item of property, plant, and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. The depreciation charge for each period is recognized as expense unless it is included in the cost of another asset. Initial Recognition of Depreciation Depreciation of an asset begins when it is available for use such as when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. For simplicity and to avoid proportionate computation, the depreciation is for one month if the PPE is available for use on or before the 15th of the month. However, if the PPE is available for use after the 15th of the month, depreciation is for the succeeding month. Depreciation Method The straight line method of depreciation was adopted as more appropriate for agency operation. 17 PSA Notes to Financial Statements Foreign-Assisted Project Fund- Phil-WAVES Project 2017 Estimated Useful Life PSA uses the Schedule on the Estimated Useful Life of PPE by classification prepared by COA. The PSA uses a residual value equivalent to at least five percent (5%) of the cost of the PPE. Impairment An asset's carrying amount is written down to its recoverable amount, or recoverable service amount, if the asset's carrying amount is greater than its estimated recoverable service amount. Derecognition PSA derecognizes items of PPE and/or any significant part of an asset upon disposal or when no future economic benefits or service potential is expected from its continuing use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the surplus or deficit when the asset is derecognized. 3.6 Changes in accounting policies and estimates PSA recognizes the effects of changes in accounting policy retrospectively. The effects of changes in accounting policy are applied prospectively, if retrospective, application is impractical. PSA recognizes the effects of changes in accounting estimates prospectively by including in surplus or deficit. The PSA corrects material prior period errors retrospectively in the first set of financial statements authorized for issue after their discovery by: * Restating the comparative amounts for prior period(s) presented in which the error occurred; or * If the error occurred before the earliest prior period presented, restating the opening balances of assets, liabilities and net assets/equity for the earliest prior period presented. 3.7 Foreign currency transactions Transactions in foreign currencies are initially recognized by applying the spot exchange rate between the function currency and the foreign currency at the transaction. 18 PSA Notes to Financial Statements Foreign-Assisted Project Fund- Phil-JI: fhS Project 2017 At each reporting date: * Foreign currency monetary items are translated using the closing rate; * Nonmonetary items that are measured in terms of historical cost in a foreign currency shall be translated using the exchange rate at the date of the transaction; and * Nonmonetary items that are measured at fair value in a foreign currency shall be translated using the exchange rates at the date when the fair value was determined. Exchange differences arising (a) on the settlement of monetary items, or (b) on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements, are recognized in surplus or deficit in the period in which they arise, except as those arising on a monetary item that forms part of a reporting entity's net investment in a foreign operation. 3.8 Revenue from non-exchange transactions Recognition and Measurement afAssets from Non-Exchange Transactions An inflow of resources from a non-exchange transaction, other than services in-kind, that meets the definition of an asset are recognized as an asset if the following criteria are met: * It is probable that the future economic benefits or service potential associated with the asset will flow to the entity; and * The fair value of the asset can be measured reliably. An asset acquired through a non-exchange transaction is initially measured at its fair value as at the date of acquisition. Recognition Revenue from Non-Exchange Transactions An inflow of resources from a non-exchange transaction recognized as an asset is recognized as revenue, except to the extent that a liability is also recognized in respect of the same inflow. Fees and fines not related to taxes PSA recognizes revenues from fees and fines, when earned and the asset recognition criteria are met. Deferred income is recognized instead of revenue if there is a related condition attached that would give rise to a liability to repay the amount. Other non-exchange revenues are recognized when it is probable that the future economic benefits or service potential associated with the asset will flow to the entity and the fair value of the asset can be measured reliably. 19 PSA Notes to Financial Statements Foreign-Assisted Project Fund- Phil-WATES Project 2017 /Tansfers PSA recognizes an asset in respect of transfers when the transferred resources meet the definition of an asset and satisfy the criteria for recognition as an asset, except those arising from services in-kind. Transfers from other government entities Revenues from non-exchange transactions with other government entities and the related assets are measured at fair value and recognized on obtaining control of the asset (cash, goods, services and property) if the transfer is free from conditions and it is probable that the economic benefits or service potential related to the asset will flow to the PSA and can be measured reliably. 3.9 Revenue from Exchange transactions Measurement of Revenue Revenue shall be measured at the fair value of the consideration received or receivable. Interest income Interest income pertains to interest earned from bank accounts maintained by PSA Central, Regional and Provincial Offices. It is accrued using the simple interest method. 3.10 Budget information The annual budget is prepared on a cash basis and is published in the government website, As a result of the adoption of the cash basis for budgeting purposes, a separate Statement of Comparison of Budget and Actual Amounts is presented showing the basis, timing or entity differences. 3.11 Impairment of Non-Financial Assets Impairment of cash-generating assets At each reporting date, PSA assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, PSA estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or the cash-generating unit (CGU) exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 20 PSA Notes to Financial Statements Fonign-Assisted Project Fund- Phil-If- PES Project 2017 In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. For assets, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, PSA estimates the asset's or cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in surplus or deficit. Impairment of non-cash-generating assets PSA assesses at each reporting date whether there is an indication that a non-cash- generating asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, PSA estimates the asset's recoverable service amount. An asset's recoverable service amount is the higher of the non-cash generating asset's fair value less costs to sell and its value in use. Where the carrying amount of an asset exceeds its recoverable service amount, the asset is considered impaired and is written down to its recoverable service amount, PSA classifies assets as cash-generating assets when those assets are held with the primary objective generating a commercial return. Therefore, non-cash generating assets would be those assets from which PSA does not intend (as its primary objective) to realize a commercial return. 3.12 Employee benefits The employees of PSA are member of the Government Service Insurance System (GSIS), which provides life and retirement insurance coverage. PSA recognizes the undiscounted amount of short term employee benefits, like salaries, wages, bonuses, allowance, etc., as expense unless capitalized, and as a liability after deducting the amount paid. PSA recognizes expenses for accumulating compensated absences when these are paid (commuted or paid as terminal leave benefits). Unused entitlements that have 21 PSA Notes to Financial StatemIents Foreign-Assisted Project Fund- Phil-H [ES Project 2017 accumulated at the reporting date are not recognized as expense. Non-accumulating compensated absences, like special leave privileges, are not recognized. 4. Advances Particulars Amount (In pesos) Advances for Operating Expenses 5,856.75 Total Advances 5,856.75 However the above advances were the remaining/unexpended balances of cash advances of Ms. Virginia M. Bathan for payment of miscellaneous expenses for various trainings conducted and was refunded under OR No. 19590706 and 19590707 both dated January 30, 2018 in the amounts of P3,215.75 and P 2,64.00, respectively. 5. Service and Business Income Particulars 2017 2016 Business Income Interest Income 4,057.74 4,723.65 Total Service and Business Income 4,057.74 4,723.65 6. Maintenance and Other Operating Expenses 6.1 Training and Scholarship Expenses Particulars 2017 2016 Training Expenses 6,789,063.11 3,234,859.65 Total Training and Scholarship Expenses 6,789,063.11 3,234,859.65 6.2 Supplies and Materials Expenses Particulars 2017 2016 Office Supplies Expenses - 638,862.54 Other Supplies and Materials Expenses 21,060.00 - Total Supplies and Materials Expenses 21,060.00 638,862.54 6.3 Professional Services Particulars 2017 2016 Consultancy Services 5,947,635.66 6,992,175.10 Total Professional Services 5,947,635.66 6,992,175.10 6.4 Other Maintenance and Operating Expenses 22 PSA Notes to Financial Statements Foreign-Assisted Project Fund Phil-WAVES Project 2017 Particulars 2017 2016 Printing and Publication Expenses - 61,500.00 Representation Expenses 43,481.95 164,422.55 Other Maintenance and Operating 8,000.00 Expenses 114,570.09 Total Other Maintenance and Operating Expenses 158,052.04 233,922.55 7. Financial Expenses Particulars 2017 2016 Bank Charges 2,883.33 5,228.92 Total Financial Expenses 2,883.33 5,228.92 Bank charges include fees for the transfer of funds to other accounts. 8. Net Financial Assistance/ Subsidy Financial Assistance/Subsidy from NGAs, LGUs, GOCCs Particulars 2017 2016 Subsidy from National Government 12,400,698.22 11,729,139.41 Net Financial Assistance/Subsidy 12,400,698.22 11,729,139.41 9. Purchase of Property, Plant and Equipment Purchases of various ICT Equipment (3 items) were made under Journal Entry Voucher (JEV) Nos. 17-02-227, 17-03-0372 and 17-04-571 totaling P428,360.00 (net of adjustment). Two were dropped/transferred/recognized in the General Fund under JEV Nos. 17-05-0693 and 17- 05-0694, while one item was only adjusted in the Trust Fund to the General Fund in November 2017 under JEV Nos. 17-11-1612 and 17-11-1613. After the closing of the project in October 2017, the amount of P74,07.00 was inadvertently missed in adjustment in the presentation of the Statement of Cash Flows. 23