Double recording of accrued expenses, unsupported liabilities, and undelivered goods
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: MisstatementThe agency's financial statements included about P39.3 million in expenses and liabilities that were recorded twice, not supported, or for goods not yet delivered. The agency fixed the errors with adjusting entries, and the auditors checked and approved the corrections.
Why It Matters
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Original Audit Finding Excerpt
"Correct the double recording of accrued expenses, inclusion of unsupported liabilities, and recognition of undelivered items of goods procured in the aggregate amount of P39,297,028.65."