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STILL “intact and fully accounted for.” This was the statement the Metropolitan Cebu Water District issued on Sunday, Dec. 22, 2024, regarding the more than P61 million that the Commission on Audit reported missing from the utility firm’s financial books.
’s statement of financial position and the total adjusted balance of P412,417,733.59 in the bank reconciliation statement. COA said the omission resulted in the understatement of the cash in bank balance, affecting the fair presentation of the account in the financial statements. A bank reconciliation statement is a financial document that compares the firm’s internal accounting records with its bank statement to ensure accuracy and identify any discrepancies.
books.” Some commenters alleged fraud, while others criticized the water district’s services. A netizen commented: “You wait and see, this isn’t an error; it is fraud. But nothing will happen to the offenders. All that will happen is the costs will go up so customers will pay the shortfall. This is happening too often, and the government has no power, no will, to address it.
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