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Audit and Inventory Committee Report

1. The audit committee report summarizes findings from an internal audit of the cooperative for January, February, and March 2020. Several issues were noted with the cooperative's loans and accounts. 2. Some member loans were incorrectly posted to other members' accounts. The bookkeeper needs to correct these errors. 3. Savings withdrawals did not have the correct member information filled out. Members' passbooks also needed updating. 4. Several loans were granted without the proper signed documents and conformations. Loan officers must ensure all paperwork is in order. 5. General and subsidiary ledgers were not in agreement, with differences found in several loan categories and savings accounts. The bookkeeper must locate these discrep

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GeaMary Labucay Manatad
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653 views3 pages

Audit and Inventory Committee Report

1. The audit committee report summarizes findings from an internal audit of the cooperative for January, February, and March 2020. Several issues were noted with the cooperative's loans and accounts. 2. Some member loans were incorrectly posted to other members' accounts. The bookkeeper needs to correct these errors. 3. Savings withdrawals did not have the correct member information filled out. Members' passbooks also needed updating. 4. Several loans were granted without the proper signed documents and conformations. Loan officers must ensure all paperwork is in order. 5. General and subsidiary ledgers were not in agreement, with differences found in several loan categories and savings accounts. The bookkeeper must locate these discrep

Uploaded by

GeaMary Labucay Manatad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Audit and Inventory Committee Report

July 14, 2020


The Board of Directors
Pagadian City Dry Goods Multi-Purpose Cooperative
Agora Complex
Pagadian City

Greetings to all!!!

Submitted herewith is an internal audit for the month of January, February, and March 2020.
Cooperative statement of financial condition and operation, together with the supporting transaction
documents, policy implementation, internal control and risk management were also evaluated.

Here are the exemption noted and findings with corresponding recommendation.

Management:

1. Findings:

There were Loan of members borrowers regular loan was posted to other members borrowers as
follows;

Date Regular Member Remarks

1-09-2020 Erlinda Dimaano Posted to Ordiales, E.

1-29-2020 Ilabe Caduyac (HR) Recorded to IG. Teope

Recommendation:

Require the bookkeeper to correct the recording when transferring to our books of accounts.

2. Findings:

We noticed that the withdrawal of our savings deposits liabilities no savings account member
bearing to the space provided savings withdrawal slip.

Recommendation:

We always recommend to the savings deposits in- charge to write said savings members. We
also received claimer to our members they don’t have updated savings passbook, especially the new
member. Once again our book of account is not updated.

3. Findings:

We observed that upon released of our loan proceeds there were member’s borrower
they failed to sign conformed signature and even to promissory note which very important to us
follows;
Name Granted Loan Amount Remarks

1. Janice Solatorio 2/12/2020 A 10,000.00 No Conformed Signature

2. Gemma Bongcawil 2/03/2020 EM 10,000.00 -do-

3. Mela Magadan 2/05/2020 TD 20,000.00 -do-

4. Allan Yonson 2/17/2020 MICRO 5,000.00 -do-

5. Emerlita Brandino 2/14/2020 MICRO 5,000.00 -do-

6. Maria Caduyac 2/14/2020 MICRO 5,000.00 -do-

7. Ilaine Caduyac 2/06/2020 EL 25,000.00 -do-

8. Yolanda Teope 3/11/2020 LTLB 300,000.00 -do-

9. Jesssa Mae Pondoc 3/18/2020 A 10,000.00 -do-

10. Merle Caliso 3/04/2020 HR 7,500.00 -do-

11. Merle Caliso 3/4/2020 SWL 10,000.00 -do-

Recommendations:

Require loan officer to please check all loan documents are in order and all necessary papers, to
see it that everything okay, this things may be immaterial, but further audit showed that loan is too
important to our records.

4. Findings:

As we go further to our audit examination our General Ledger is not tally to our Subsidiary
ledger account in effect disagreement of balances.

Kind of Loan General Ledger Subsidiary Ledger Difference

Regular Loan 20,166,841.74 19,836,039.55 (330,802.19)

Loans in Litigation 1,852,030.58 1,824,184.56 (27,846.02)

Restructure Loan 2,052,529.62 2,039,177.84 (13,351.79)

Micro Loan 132,450.00 132,450.00 -0-

MHL Loan 99,463.24 99,463.24 -0-

Rice 288,380.11 260,071.66 -

Coke - 12,766.00 -

Bagoong - 1,770.00 -

288,380.11 274,607.16 (13,772.95)

Savings Deposit 2,512,182.47 2,512,182.47 -0-

Time Deposit 5,584,687.09 5,583,187.09 (1,500.00)

Capital Build-up 18,209,045.87 18,209.045.87 -0-

Recommendation
Require the bookkeeper to locate the difference.

Hopping the above measures shall rectify the exception noted to improve our Coop.

Tiburcio A. Pollescas Susan Roda Elisa Abo

AICOM Chairman Member Member

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