Understatement of Unbilled Portion and Additional Contract Cost in Eastern Samar DEO
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Financial MisstatementSome government liabilities and project costs were not recorded in the accounting books initially, making the financial statements understated.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"With regards to the understatement of the unbilled portion amounting to ₱20,946,200.78 and additional contract cost of Project ID No. 23IB0088 amounting to ₱185,064.23"