Unrecorded Issuance of Inventories and Semi-Expendable Properties
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceWhen supplies and equipment were used, the accounting records did not record the expense, making inventory and surplus too high and expenses too low.
Why It Matters
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Original Audit Finding Excerpt
"Review and verification of records and transactions in various DPWH Offices disclosed non -recognition of the issuance of materials inventory and semi - expendable properties and equipment to end-users as at year end, which resulted in the overstatement of the Inventor ies accounts by P33,466,787.74, understatement of the related expense accounts by P11,004,985.50 and overstatement of the Accumulated Surplus/(Deficit) by P22,461,802.24."