Partial Derecognition of Completed Infrastructure Projects
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency did not fully remove from its books the value of finished projects already handed over to users, because some paperwork was missing.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"308 Of the 122 outstanding prior year ’s audit recommendations, 70 or 57.38 percent were implemented while 52 or 42.62 percent were not implemented and reiterated in Part II of this Report. The details on the results of validation of the 70 implemented and 52 not implemented audit recommendations are presented below: Observations and Recommendations Reference Management Action Auditor’s Results of Validation CY 2022 CAAR Net Understatement of Cash and Cash Equivalents Accounts – P23.607 million 1. We recommended and Management agreed to direct the Accountant to prepare the necessary journal entries to adjust the balances of affected accounts on the reversion/restoration of the unreleased and stale checks in the amount of P23,664,443.79. Obs. No. 1.10 pages 123-124 Reversion of unreleased and staled checks was recorded in the books of accounts per JEV No. 2023-04- 000673 in the amount of P23,664,443.79. Implemented JEV mad"