Other Payables Majority Unreconciled at Central Office
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Unreconciled balanceMost of the other payables from the central office cannot be matched to records, and there are also over-deductions from job order workers' pay.
Why It Matters
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Original Audit Finding Excerpt
"70 of Accountable Officers as at year-end. Balance is also attributable to Fund Cluster 01 only. 10.2 Deposits 10.2.1 Guaranty Deposits account is used to recognize amount deposited for goods such as deposit for containers , and deposits made to guarantee compliance with the terms of an agreement. Fund Cluster Amount (In PhP) Details Cluster 01 150,047,840.22 The balance includes an account from Region VII, which refers to deposits made to the Clerk of Court for expropriation related to various infrastructure projects and to Visayan Electric Company for the installation of a meter at the new Cebu City DEO Offic e Building. It also consists of a deposit for one unit of acetylene for welding purposes from Bohol 3 rd DEO. Additionally, it includes a balance from Region IV-A related to the agency's receivables from Meralco, pertaining to a bill deposit for the upgradi ng of facilities at the satellite office in Laguna and a bill deposit for a new application for a"