PCC renews its commitment to timely and accurate financial reporting

The Philippine Carabao Center (PCC) and representatives from its 12 regional centers gathered together to record, classify, summarize and interpret the results of the financial transactions for the year 2018 last January 21-25, 2019 at the Eusebio Hall.

Dr. Arnel N. Del Barrio, PCC Executive Director, reminded everyone of the issuance of Presidential Directive No. 2017-0318, which directs all government offices and instrumentalities to ensure that their transactions and contracts with suppliers and external parties are paid within 15 days, subject to existing laws, rules and regulations. He emphasized that this will promote transparency to the general public, ensuring that the government acts swiftly on the transactions it undertakes.

During the week-long activity, the participants engaged in the following tasks: (1) reconciliation of subsidy accounts and other intra-agency accounts; (2) preparation of adjusting entries for reconciling items; (3) preparation of the trial balance; (4) revaluation of biological assets; and (5) preparation of schedules in support to the notes in the financial statements and their consolidation.

Three personnel from the COA-Government Accountancy Sector, Accounting Systems Development and Other Services Office (ASDOSO), provided technical assistance on the enhanced Electronic New Government Accounting System (eNGAS) and Electronic Budget System (eBudget). Mr. Romeo C. Cruz gave an update on the recent developments of the aforementioned systems such as the added feature of being able to edit the supporting documents. This addressed the problem of having typographical errors in the reference numbers. Meanwhile, Ms. Michelle M. Gagarra and Ms. Sarah Joy M. Lambino, addressed concerns on the issues surrounding their usage, and updated them about the latest version.

Ms. Cherry Pearl C. Rivera, head of the Accounting Section of PCC-National Headquarters, recognized the vital role of every participant in the completion of the consolidated financial statements in compliance with the requirements of the Commission on Audit (COA).