TABLE OF CONTENTS

Part Subject Page No.

I AUDITED FINANCIAL STATEMENTS

 Independent Auditor’s Report 1
 Statement of Management’s Responsibility for Financial
Statements 3
 Comparative Statement of Financial Position 4
 Comparative Statement of Financial Performance 5
 Comparative Statement of Changes in Net Assets/Equity 6
 Comparative Statement of Condensed Cash Flows 7
 Statement of Comparison of Budget and Actual Amounts 8
 Notes to Financial Statements 12

II OBSERVATIONS AND RECOMMENDATIONS 55

III STATUS OF IMPLEMENTATION OF PRIOR YEAR’S

AUDIT RECOMMENDATIONS 80

IV ANNEXES
1. Statement of Financial Position (By Fund)
2. Statement of Financial Performance (By Fund)
3. Statement of Changes in Net Assets/Equity (By Fund)
4. Statement of Condensed Cash Flows (By Fund)
5. Statement of Appropriations, Allotments and Obligations
6. Schedule of Unserviceable Properties
7. Schedule of Guaranty/Security Deposits Payable
(More than Two Years)
8. List of Unimplemented Programs/Projects/Activities (PPAs)
under 20% Development Fund
9. Schedule of Late Submitted Disbursement Vouchers -
LDRRMF
10. List of Disbursements with Incomplete Documentation –
LDRRMF
11. List of Disbursements with Incomplete Documentation - SEF
12. Analysis on the Submission of Disbursement Vouchers and
Payrolls
13. Summary of Disbursement Vouchers Still for Submission