TABLE OF CONTENTS

Page No.

Part I – Audited Financial Statements

Independent Auditor’s Report 1

Statement of Management Responsibility for Financial Statements 3

Financial Statements
 Combined and Condensed Statement of Financial Position 4

 Combined and Condensed Statement of Financial Performance 5

 Combined and Condensed Statement of Changes in Net Assets/Equity 6

 Combined and Condensed Statement of Cash Flows 7
 Statement of Comparison of Budget and Actual Amounts 8
 Notes to Financial Statements 12

Part II – Detailed Findings and Recommendations

 Audit Observations and Recommendations 21
Part III – Status of Implementation of Prior Year’s Audit Recommendations
 Implementation of Prior Years’ Audit Recommendations 47
Part IV – Annexes
A – Detailed Statement of Financial Position
B – Detailed Statement of Financial Performance
C – Detailed Statement of Changes in Equity
D – Detailed Statement of Cash Flows
E – Status of Unliquidated Cash Advances
F –Disbursements Vouchers and its Supporting Documents for the
Procurement Charged Against the BGCMF
G – List of Submitted Bidded and Awarded Contracts
H – Purchase Orders
I – Schedule of Land Unrecorded in the Subsidiary Ledger