Net Understatement of Cash and Cash Equivalents
Department of Public Works and Highways · 2023
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency's recorded cash balances did not match the actual cash in bank because some checks were not recorded, petty cash was not properly replenished, and stale checks were not returned to the cash account. This caused cash and cash equivalents to be understated by about 2.47 million pesos.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Par. 1.5 Net understatement of Cash and Cash Equivalents – P2,472,467.12"