Unrecorded Manager's Check for Expropriation Fund
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceA check payment for road right-of-way was not entered into DPWH's accounting records, making cash and construction accounts incorrect.
Why It Matters
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Original Audit Finding Excerpt
"120 A. FINANCIAL AUDIT Accounting Errors, Omissions and Improper Accounting Treatment of Transactions 1. 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. 1.1 Paragraph 27 of International Public Sector Accounting Standards (IPSASs) 1, and Section 7, Chapter 19, Volume I of the Government Accounting Manual (GAM) for National Government Agencies (NGAs) provide that Financial Statements shall present fairly the financial position, finan"