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.
鈥淭he University鈥檚 Inventory account balance reported at 鈧36.6 million as of Dec. 31, 2023 was misstated by 鈧34.9 million due to unrecorded issuances of inventories to end-users and inclusion of nonexistent inventories,鈥 CoA said. 鈥 Kenneth Christiane L. Basilio
