Erroneous Recording of Government Share in HDMF Premium Contribution
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe government's share of Pag-IBIG premiums was recorded in the wrong account, so the payable and contribution balances were both understated by P220,000.
Why It Matters
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Original Audit Finding Excerpt
"Verification and analysis of the SLs of Due to Pag-IBIG account of DPWH-OSEC showed erroneous recording of the remittance of the government’s share in premium contribution for June 2023 amounting to P220,000.00 under the Due to Pag-IBIG account instead of the Pag-IBIG Contributions account, resulting in the understatement of the said accounts by the same amount."