Errors/non-provision for depreciation – P7,534,517,953.46
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: MisstatementThe agency failed to record about P7.5 billion in depreciation on completed projects, making its asset values and expenses inaccurate. Although the agency later recorded the depreciation, the same problem appeared in the next year's audit, and monitoring of the depreciation system was still not in place.
Why It Matters
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Original Audit Finding Excerpt
"Prepare the necessary adjusting journal entries to correct the errors/non-provision for depreciation in the aggregate amount of P7,534,517,953.46; and"