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| | Executive Summary of the 1998 Annual Audit Report on the Light Rail Transit Authority (LRTA) (Site not responding. Last check: 2007-11-03) |
 | | The financial performance of the Authority registered increases in total assets and total liabilities in the amounts of P2,036.63 million and P2,461.68 million, respectively. |
 | | Inventories-stocks-in-transit worth P490,333,097 most of which were acquired as early as 1993 and were already used for the operations of the light rail transit by the Metro, Inc., the Authority’s wholly-owned subsidiary, but remained unreclassified/unadjusted to proper accounts resulting to overstatement of inventories-in-transit and income and understatement of fixed assets and expenses. |
 | | Overstatement of liabilities due to the Metro, Inc. amounting to P139,368,869 as of December 31, 1998 which were not funded on valid claims due to insufficiency of evidence, but were continuously being carried in the books in violation of Section 157 of the Government Accounting and Auditing Manual (GAAM). |
| www.coa.gov.ph /coa_htm/1998_AAR/GOCCs/LRTA/LRTA_aar98es.htm (939 words) |
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