Understatement of Due to NGAs account – P413.780 million
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency recorded fund-transfer liquidations incorrectly, making its Due to NGAs account too low by about P413.8 million. Management did not correct it because it disagreed with the accounting rule, but the auditors say this does not comply with government accounting standards, so the problem remains.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"We recommended and Management agreed to direct the OIC -Chief Accountant to prepare the necessary adjusting journal entry to correct the improper recording of liquidation of fund transfers in the amount of P413,779,758.14."