Unreconciled Bank Discrepancies and Dormant Bank Accounts
Department of Public Works and Highways · 2023
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: DeficiencyThe cash balance per the agency's records does not match the bank's records, and there are several dormant or unnecessary bank accounts holding funds that complicate cash management.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"(a) unreconciled discrepancies between the book and confirmed bank balances of P6,552,174.04"