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    LBP Resources and Development Corporation: BS EN ISO 9001:2015

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    Jebs Kwan
    The document is a response from the Finance Manager of LBP Resources and Development Corporation to an Audit Observation Memorandum from the Commission on Audit. It acknowledges errors in the bank reconciliation statements for cash accounts in 2020. It provides revised bank reconciliations to address the errors and commits to preparing bank reconciliations for savings accounts going forward. The response aims to address the observations and adhere to the auditor's recommendations.

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    LBP Resources and Development Corporation: BS EN ISO 9001:2015

    Uploaded by

    Jebs Kwan
    449 views2 pages
    The document is a response from the Finance Manager of LBP Resources and Development Corporation to an Audit Observation Memorandum from the Commission on Audit. It acknowledges errors in the bank reconciliation statements for cash accounts in 2020. It provides revised bank reconciliations to address the errors and commits to preparing bank reconciliations for savings accounts going forward. The response aims to address the observations and adhere to the auditor's recommendations.

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    COA Reply Draft

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    The document is a response from the Finance Manager of LBP Resources and Development Corporation to an Audit Observation Memorandum from the Commission on Audit. It acknowledges errors in the bank reconciliation statements for cash accounts in 2020. It provides revised bank reconciliations to address the errors and commits to preparing bank reconciliations for savings accounts going forward. The response aims to address the observations and adhere to the auditor's recommendations.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    449 views2 pages

    LBP Resources and Development Corporation: BS EN ISO 9001:2015

    Uploaded by

    Jebs Kwan
    The document is a response from the Finance Manager of LBP Resources and Development Corporation to an Audit Observation Memorandum from the Commission on Audit. It acknowledges errors in the bank reconciliation statements for cash accounts in 2020. It provides revised bank reconciliations to address the errors and commits to preparing bank reconciliations for savings accounts going forward. The response aims to address the observations and adhere to the auditor's recommendations.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    LBP Resources and Development Corporation

    Formerly: LB (LandBank) Realty Development Corporation


    A Subsidiary of the LandBank of the Philippines
    VAT Reg. TIN 000-129-546
    BS EN ISO 9001:2015

    INTER-OFFICE MEMORANDUM

    FOR : ROCHIE J. FELICES


    SUPERVISING AUDITOR
    COMMMISSION ON AUDIT

    FROM : FINANCE MANAGER/CONCURRENT HEAD, AGSD

    DATE : JUNE 21, 2021

    AOM NO : LBRDC-2021-03(2020)

    SUBJECT : COMMENTS TO THE AUDIT OBSERVATION MEMORANDUM

    Good day!

    This is in response to your Audit Observation Memorandum (AOM) No. LBRDC-2021-


    03(2020) dated June 15, 2021 in which we received on the 16th of June 2021 stating
    the following findings:

    Errors and omissions were noted in the Bank Reconciliation Statement (BRS) of the Cash
    in Bank – Current Account for CY 2020 hence the faithful representation of the balance
    amounting to P35,138 million cannot be established. Also, the stale-dated outstanding
    checks amounting to P1.1218 million are still recognized as deduction to Cash in Bank –
    Current and Accounts Payable accounts. Furthermore, the BRS of the Cash in Bank –
    Savings Accounts for CY 2020 was not prepared.

    1. In response to no. 5 in your AOM, we will take note of your observations and we
    will humbly and respectfully undertake to correct and take cognizance of the
    deficiency in the succeeding bank reconciliation. Attached herewith is the revised
    Bank Reconciliation – Current Account for the month of December 2020 with the
    noted errors and omissions in the preparation of the BRS.

    2. For No. 6a., bank statements, starting from January 2020, which used in
    reconciling with the book balances, was sent from Landbank on September 2020.
    To resolve this next time, digital copies of the bank statements are to be
    requested from Landbank every end of the month.
    3. For 6c. the book reconciling item 635,753.39 was already added back previously
    last November 2020 BRS before adjustments.
    4. For 6d. there is no need to present these as book reconciling items as they were
    properly recorded in the bank statement. Please take note that these are not
    reconciling items, but only Journal Entries.
    5. For Nos. 10 to 11, we will take note of your observations and we will humbly and
    respectfully undertake to create Bank Reconciliations for Cash in Bank – Savings
    Account.

    24th Floor LBP Plaza, 1598 M.H. Del Pilar corner Dr. J. Quintos Streets, Malate Manila; Tel. Nos. 8405-7402/8405-7169 Telefax 8879-10-56
    Mobile Nos. 0998-849-8414/0916-399-5743; website: www.lbpresources.com; email: lbpresourcesanddevelopmentcorp@gmail.com
    LBP Resources and Development Corporation
    Formerly: LB (LandBank) Realty Development Corporation
    A Subsidiary of the LandBank of the Philippines
    VAT Reg. TIN 000-129-546
    BS EN ISO 9001:2015

    Rest assured; the management will adhere to the recommendations that you required.

    MS. RUSTICA P. LOCSIN


    FINANCE MANAGER/CONCURRENT HEAD, AGSD

    24th Floor LBP Plaza, 1598 M.H. Del Pilar corner Dr. J. Quintos Streets, Malate Manila; Tel. Nos. 8405-7402/8405-7169 Telefax 8879-10-56
    Mobile Nos. 0998-849-8414/0916-399-5743; website: www.lbpresources.com; email: lbpresourcesanddevelopmentcorp@gmail.com

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