Non-reclassification of CIP to appropriate PPE accounts
Department of Public Works and Highways · 2023
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceCompleted projects worth about P220 billion stayed recorded as construction in progress instead of being moved to completed asset accounts, making the financial statements inaccurate.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"An audit of the CIP accounts of the following DPWH Offices disclosed that 9,245 completed projects with an aggregate amount of P220,135,758,814.69 were not reclassified or transferred to the appropriate infrastructure asset accounts:"