Samar 2nd DEO: Incomplete Reclassification of Completed Infrastructure Projects from CIP
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe district office had moved a large amount of finished road and building projects out of the 'under construction' account, but some completed projects still remained there, so the financial statements were not fully accurate yet.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Samar 2nd DEO - a) The accounting unit had reclassified a total amount of P 3,381,568,060.17 of completed projects from CIP - Infra account to its proper Asset account since 2023 and still continuing preparing JEVs for the other projects that were completed already but still in the CIP account. The Accounting unit are committed to reclassify all by the end of June 2024."