Non-recognition and Non-replenishment of Petty Cash Fund Expenses
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceSome petty cash expenses were never recorded, so the petty cash balance and surplus are overstated.
Why It Matters
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Original Audit Finding Excerpt
"Review and verification of subsidiary ledgers (SLs) and transactions disclosed that petty operating expenses incurred for CY 2023, aggregating P100,250.92 and paid out of the PCF of Albay 2 nd District Engineering Office ( DEO) in Region V, and Zamboanga Sibugay 2nd DEO and Zamboanga Del Sur 2nd DEO in Region IX, were not recognized in the books and unreplenished as at year end."