Non-derecognition of completed infrastructure projects transferred to end-users
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency completed buildings, roads, and other public infrastructure and gave them to the intended users, but kept them on its own books as if it still owned them. This overstates the agency's assets.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"b) Non-derecognition of completed infrastructure projects despite the transfer thereof to end - users/recipient agencies – P4,857,894,927.45"