COA Annual Audit Report on the Overseas Workers Welfare Administration (OWWA) for the calendar year ended December 31, 2004 under Government Owned Controlled Corporations Cluster VI , Social, Cultural, & Scientific.
Statement of Cash Flows for the Period Ended December 31, 2004:
CASH FLOWS FROM OPERATING ACTIVITIES
Cash Received from OFWs
Cash Paid to employees, claimants & other parties
Interest Income from Investment
Cash Deposited in Trust (Note 5)
Contributions from PCSO for CMWSF
Net Cash Provided by Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and properties
Decrease in Investments
Net Cash Provide by Investing Activities
Net Increase in Cash and Cash Equivalent
Cash & Cash Equivalent at Beginning of year
Adjustment for Allowance for used Cash Advances
CASH AND CASH EQUIVALENT END
COA Comments & Observations
1) Recovery of the P550.86 million Smokey Mountain Asset Pool certificates guaranteed by the Home Guarantee Corporation was uncertain.
2) Cash advances granted in CY 2003 and prior years were not yet liquidated as of December 31, 2004.
3) OWWA cannot likely collect booked receivables of
P48.75 million representing accrued interest on the installment payments on the contract price in the sale by OWWA to POEA of the property now occupied by POEA.
4) The probability was remote that the agency may be able to collect booked receivables of
P38.32 million from the GSIS.
5) Recovery of claims from disallowed payments amounting to
P40,035,370.49 is remote.
6) There was an aggregate discrepancy of P41.15 million between reciprocal accounts of the regional Field Units and the Head Office.
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