Goking: Uncollected public market stall rentals should be investigated

COUNCILOR George S. Goking, chair of the City Council committees on ways and means and on trade and commerce, recommended for the holding of a joint meeting of concerned committees to investigate the issues regarding the uncollected stall rentals in the city’s public markets which amounts to millions of pesos.

The councilor made the suggestion in reaction to the especial report of Councilor Jose Pepe S. Abbu about the uncollected stall rentals during the 36th regular session of the City Council presided over by Presiding Officer Protempore Councilor Romeo V. Calizo. Goking suggested that services of accountants from the Philippine Institute of Certified Public Accountants (PICPA) should also be engaged in conducting the audit, including fraud audit which specifically focused on identifying and investigating fraud in the performance.

This type of audit typically involves reviewing financial transactions and identifying unusual patterns of red flags that may indicate fraudulent activity. The goal of a fraud audit is to gather evidence that can be used to prosecute those responsible for any fraudulent activity. Goking said fraud audit is similar to forensic audit as it focuses on investigating potential financial fraud.

However, a forensic audit goes beyond just identifying fraud, as it seeks to provide evidences that can be used in legal proceedings such as embezzlement or money laundering. An operations review is a broader type of audit that focuses on evaluating the efficiency and effectiveness of a company’s operations. This type of review may include an analysis of processes, procedures and organizational structures, as well as the examination of financial data. The goal of the operations review is to identify areas that a company can improve its operations so as to achieve better results.

Councilor Goking suggested for a system review to focus on evaluating the market information systems including hardware, software and data storage. This type of review may involve an examination of data security measures, system design and data backup procedures. The goal is to identify any weaknesses in a company’s information system and integrity and recommend improvements to ensure data security.