Unreconciled book and bank balances
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyThe agency's cash records did not match its bank statements. Only about P1.3 million of the difference was corrected, and the rest was still not reconciled, so the cash account balances remained unreliable.
Why It Matters
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Original Audit Finding Excerpt
"We recommended and Management of DPWH offices concerned agreed to direct the Accountants to make representation with the government depository banks for the periodic submission of bank statements to facilitate the timely and proper preparation of BRS in accordance with the GAM and immediate reconciliation of unaccounted balances."