THE COMMISSION on Audit (CoA) has flagged the P36.6-million inventory balance of the President Ramon Magsaysay State University in Zambales province last year for gross misstatement.
The university included nonexistent properties in its books including textbooks, laboratory and building materials and office equipment, overstaying the balance by P34.9 million, state auditors said in a report.
The school did not immediately reply to a Facebook Messenger chat seeking comment.
“The University’s Inventory account balance reported at ₱36.6 million as of Dec. 31, 2023 was misstated by ₱34.9 million due to unrecorded issuances of inventories to end-users and inclusion of nonexistent inventories,” CoA said. — Kenneth Christiane L. Basilio
