The Commission on Audit rendered a qualified opinion on the fairness of the presentation of the financial statements of the Sorsogon State University for CY 2023 due to the following:

1. A difference of Php39,626,450.02 between the Property, Plant, and Equipment (PPE) balances in the Financial Statements (FS) and the consolidated amount of the PPE Ledger Cards (PPELCs), both records are maintained and kept by the Accounting Office, and a difference of 890,254.00 between PPELCs and the Report on the Physical Count of PPE, or a net difference amounting to Php38,736,196.02 of the PPE balances between the accounting and supply/property records, due to the continued non-updating and non-reconciliation of relevant records.

2. Unaccounted variance amounting to Php71,088,182.90 of the inventory and semi-expendable property balances between the FS and the Report on the Physical Count of Inventories (RPCI) and Semi-Expendable Property (RPCSP).
 
3. Unverified and unadjusted reconciling items in the Bank Reconciliation Statements (BRS) aging one to over five years in the total amount of Php2,904,839.02, and a difference of Php2,640,597.37 between the unadjusted balance per books and the consolidated balances in the bank statements as presented in the BRS.
 
4. Undue inclusion of amount equivalent to Php1,054,910.80 in the Due to NGAs account, disbursement amounting to Php11,053,316.53 directly debited thereto without recognizing appropriate expense accounts and unadjusted negative Subsidiary Ledgers (SL) balance of Php28,589.63.

5. Understatement in the Due to BIR account balance as at year-end amounting to Php4,739,059.23 due to recording in December 2023 of remittances actually made in January 2024.
 
6. Inconsistencies in the resulting balances per audit P1,965,105.28 per consolidated SL balances Php2,134,510.49, and per FS-Php2,532,176.35, of the Prepaid Insurance Account.

For the complete copy of the Audit Report CY 2023, please click here.