Unreconciled and Dormant Bank Balances in Cash in Bank-Local Currency, Current Account
Department of Public Works and Highways · 2023
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Internal ControlThe agency has old bank account balances that do not match records, some dating back more than 10 years, and cannot be written off because the supporting documents were lost in a typhoon. This suggests poor recordkeeping and reconciliation.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"31 3.17 Pending Lawsuits As at December 31, 2023, the Department has 1,904 ongoing cases, 188 cases on appeal, 1,303 for filing/drafting and 830 decided/terminated for a total number of 4,225 cases as per last submission of the summary of cases by the Office of the Solicitor General, the official counsel of this Department. Majority of the pending lawsuits of the Department pertains to the Acquisi tion of the Right-of-Way, Site or Location for National Government Infrastructure Projects which is governed by Republic Act No. 10752. 3.18 Concession Agreements The Department has entered in Concession Agreements with the following: Concessionaire Details of the Concession Agreement Muntinlupa-Cavite Expressway (MCX) The Concessionaire shall have the exclusive right to grant business concessions and charge and collect fees for Non -Toll User Related Facilities and Toll User Related Facilities situated within the Basic and Additional Right of Way. This right shall"