Excessive Petty Cash Fund
Department of Public Works and Highways · 2023
Severity: ModerateRecommendation: Unknown
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What Happened?
Category: Cash ManagementIssue: Non-complianceThe office kept 50,000 pesos in petty cash, but it only needs about 8,000 to 31,000 pesos for one month. Keeping too much cash increases the risk of theft.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"PCF of P50,000.00 is excessive by P18,925.00 to P41,665.00 and can cover at least two months of the agency’s petty expense requirements."