Cagayan de Oro City 1st DEO: Late Closure of CIP Due to Pending Final Billings and Turn Over Reports
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe office delayed moving finished projects out of the construction-in-progress account because some were still being billed and the official transfer paperwork from the user had not been signed.
Why It Matters
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Original Audit Finding Excerpt
"For the P1,474,367,285.87 findings, late closure into asset accounts by the Finance section was due to the findings regarding 'ongoing projects with final billings'. Control was made to assure that only projects with Post Completion Turn Over Reports will be transferred to its asset account. As of date, the amount of P813,998,959.38 will be closed to its asset account after the Post Completion Turn over have been signed by the end user."