PLM SCOA releases updates, amendments on ongoing audit

The PLM Student Commission on Audit (SCOA) released updates and amendments on its ongoing audit to all student councils and accredited organizations of the university, May 26.

In a memorandum, the Commission announced that transparency reports, which includes audit opinions and audit reports will now be uploaded weekly on their official Facebook page: https://tinyurl.com/3pr7fry2 starting on June 2, as opposed to their original provision of releasing all reports once all audit proceedings have concluded. 

In addition, the exit meeting and clearance signing schedule for councils and organizations with graduating officers, which started last week and have also been extended until June 21;  two weeks beyond the original deadline of June 7. 

According to PLM SCOA, the councils and organizations’ late submission of their documents, the discovery of findings that required additional audit procedures, and the recent moratorium enforced for all student activities affected the decision to request an extension.

Meanwhile, the Commission has submitted a report to the Office of Student Development and Services (OSDS) regarding councils and organizations found with significant audit findings last May 20. It aims to withhold the status of the graduating officers until the audit procedures have concluded.

Five student councils and ten student organizations have been flagged by the Commission with significant audit findings that directly affect the presentation of their financial statements while ten student councils and 28 student organizations are found with findings in the compliance audit performed on them. Its financial impact is yet to be determined.

In a memorandum issued by the OSDS, a student council/organization with Unqualified Audit Opinion - Cleared or Qualified Audit Opinion - Cleared are permitted to operate and continue their activities for the next school year. However, those with Adverse Audit Opinion - Not Cleared or Disclaimer Audit Opinion - Not Cleared will have their re-accreditation automatically revoked and they are forbidden to conduct any activities henceforth. 

Regardless, the organization or council is still required to submit their annual financial report to the SCOA to be examined.

As of writing, it has been two months since the Commission began performing its audit. The submission of the hard copy source of student councils/organizations and the initial audit requirements commenced last March 24 and 28, respectively.