Other Deferred Credits Include Unreconciled Balance and Pending Settlement
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Unreconciled balanceSome deferred credit balances are unsupported or awaiting formal settlement, so the reported liability may not be accurate.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"It also includes the amount withhel d from the terminal leave of employees for the disallowed honorarium of Cebu 1 st DEO, an unreconciled balance transferred from the 8 th RES books of account to RO VIII, and an account recognized by Cagayan de Oro 1 st in compliance with COA findings on lost properties, where the audit observations have been fully addressed. However, the remaining amount is pending the issuance of a notice of settlement before it can be reversed."