Long-outstanding unreconciled balances pending write-off
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Internal ControlThe agency has old accounting entries that don't match up and have been sitting unresolved for over a decade. They want to remove them but haven't gotten approval yet, and they are still working on the paperwork.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"104 17.14.10 Bank Transaction Fee provides account for charges imposed by the bank for various services rendered, not related to loans/borrowings, excluding interest charges. Fund Cluster Amount (In PhP) Cluster 01 43,027.16 Cluster 02 64,510.22 Cluster 07 2,715.86 Total 110,253.24 17.14.11 Other Maintenance and Operating Expenses account is used to recognize other operating expenses not falling under any of the specific maintenance and other operating expense accounts. The increase was a result of higher various operating expenses during the year. Fund Cluster Amount (In PhP) Cluster 01 522,766,539.53 Cluster 02 484,691.67 Cluster 03 15,550,824.80 Cluster 06 418,474.26 Cluster 07 9,000.00 Total 539,229,530.26 18. Non-Cash Expenses Accounts 2023 2022 (Restated) (In PhP) Depreciation 105,196,623,856.22 97,195,361,712.04 Amortization 128,084,785.57 167,908,934.01 Impairment Loss 8,832,379.41 18,561,747.58 Total 105,333,541,021.20 97,381,832,39"