Unbilled portion of completed projects not recognized under PPE and payables
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceWork on completed infrastructure projects had not been billed yet, so the agencies did not record the asset value and the liability owed, causing the financial statements to understate assets and liabilities.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Unbilled portion of completed projects that should be recognized under appropriate PPE accounts and corresponding payables"