The Commission on Audit has flagged the Bureau of Customs to trace the whereabouts of its P9.633 billion in assets.
While the bureau’s accounting division said the bureau has P9.887 billion in properties and equipment, but an inventory conducted by the property officer has figures way off the mark.
In a 2018 report on the physical count of property, plant and equipment listed only P208.063 million worth.
State auditors said the property, plant and equipment account was “unreliable.”
COA told the customs bureau to conduct a thorough recount based on the guidelines under the government accounting manual to reconcile disagreeing ledgers.
The manual required the preparation and maintenance of records, forms and reports by at least two departments to monitor the receipt, recording and issuance of items from the property, plant and equipment.