Unreconciled discrepancy between DPWH and SAs – P2.821 billion
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: MisstatementThe agency's records of funds transferred from source agencies did not match those agencies' records by about P2.8 billion. Only about P196.8 million was corrected, and the rest is still being reconciled, so the inter-agency payable balances are still inaccurate.
Why It Matters
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Original Audit Finding Excerpt
"316 Observations and Recommendations Reference Management Action Auditor’s Results of Validation the affected accounts in the financial statements; and 34. 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. Obs. No. 1.115 page 151 2023-02-000189, 2023 -02- 000190, 2023-02-000247, 2023 - 02-000243 and 2023 -02-000245 totaling P2,414,534,490.97. Errors in the recording of accrued expenses, inclusion of unsupported liabilities, and recognition of undelivered items of goods procured were adjusted per JEV Nos. 2023-01-000028, 2023-03-000347 and 2023 -03- 000348 totaling P39,297,028.65. Implemented JEVs made were verified and found in order. Understatement of Due to NGAs account – P413.780 million 35. We recommended and Management agreed to direct the OIC -Chief Accountant to prepare"