Uncorrected Misstatements in Financial Statements
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH's financial statements contain large errors that were not corrected, so the reported balances cannot be fully relied upon.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Of the total misstatements of P29,768,846,741.02 found in audit and caused by accounting errors, omissions, and improper accounting treatment of transactions that are considered departures from International Public Sector Accounting Standards, P 508,131,939.28 have been adjusted, while P29,260,714,801.74 remained uncorrected as at year end. Hence, based on the material impact of the uncorrected misstatements, the reported balances of the affected accounts could not be fully relied upon which affected the fairness of the financial statements of the DPWH as at December 31, 2023."