Improper charging of prepayments directly to outright expenses
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe office paid for something in advance but treated the whole amount as an immediate expense. They said they would correct it but didn't actually make the correcting entry; they plan to let it balance out by the end of the year.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"No adjusting entry was made in the books of accounts as the remaining portions will be expensed this year and will counter-balance at the end of the year"