Incomplete Reclassification of Completed Infrastructure Projects from CIP to PPE Accounts
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceMany completed public infrastructure projects are still recorded as 'construction in progress' instead of being moved to the appropriate asset accounts, so the reported asset values are inaccurate and the audit fix has not been completed.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Negros Occidental 4th - The Office has already reclassified projects amounting to P1,113,264,979.65 out of 945 projects amounting to P7,896,619,818.89. Still collating documents for compliance"