Audit Committee Report

November 17, 2022

A. The checking was done by the Audit Committee, all ledgers and pertinent records were checked.
B. Financial Conditions and Operations for the Month of October 2022:

October September October

2022 2022 2021 Present Last Year

Total assets/
Liabilities P155.913.960.43 P155,034,555.65 P164,322,430.70 5.67% -5.11%%
And Equity
Revenues P 897,618.08 P961,271.07 P 938,396.76 -6.62% --4.34%
Expenses P 865,065.34 P 879,229.61 P 894,874.80 16.10% -3.32%
Net Surplus
for Allocations
P 32,552.74 P 82,041.46 P 43,521.96 60.32% 25.20%
Net Surplus
for SC/PR
P 26,042.19 P 65,633.17 P 34,817.57 60.32% 25.20%
Loans
Receivable
P 33,897,600.74 P 34,641,784..02 P 44,574,746.71 -2.14% -2.39%
Other
Receivable
P 2,067,928.20 P 2,061,317.08 P 1,957,183..78 . 032% 5.65%

Findings:
1. Assets decreased by 5.67% as compared to last month.
2. Revenues decreased by 6.62% as compared to last month.
3. Loans Receivable decreased by -2. 14% compared to last month
4. Net Surplus for allocation increased by 60.32% compared to last month
5. All transactions, records and ledgers are done and recorded properly.
6. All cash deposits and investments are properly recorded.
7. Payroll is done on time and recorded properly.
8. Cash counts were done.
9. Time Deposits were checked

Comments and Suggestion:

Study the case of each delinquent member especially when their relative is also a member and no
longer resident of Paltok. Frequent follow-up and inform the co-maker.
Survey for prospective member of the Cooperative. Close monitoring of members no longer
resident of Paltok
Recommendations:
1. Set progress in increasing the income of the Cooperative due to the pandemic situation.
2. Plan to improve collection and minimize loan delinquency.
3. Cash Book should be maintained
4. Follow up on Risk Assessment Committee should be organized according to CDA composed of
manager audit credit management staff and ordinary member. One member in each position
5. The BPI form for getting a copy of investment not yet sign
6. East West Bank requires payment of East West Rural P150.00 Treasury P200.00 Trust P200.00

All that the Father giveth Me shall come to Me;And him that cometh to Me I will In no wise cast out. John 6:37
Blessed are they which do hunger and thirst after righteousness for they shall be filled. Matthew 5:6
If you abide in my word, you are truly my disciples, and you will know the truth, and the truth will set you free, -John 8:31-
The fruit of the righteous is a tree of life and he that winneth souls is wise…. -PROVERBS 11:30-
Come to me all you who are weary and burdened and I will give you rest -Matthew 11:28- 12:8

Lourdes B. Labrador
OIC Audit Committee

Mrs. Emillie T. Bernaldo Ms. Ursula S. Gonzales

Audit Committee Audit Committee