Net Overstatement of Inventories Accounts
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency's inventory records were not accurate: some received items were never entered in the books, some issued items were not removed from inventory, and some purchases were incorrectly treated as expenses right away. As a result, the inventory balance was overstated by about 13.37 million pesos.
Why It Matters
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Original Audit Finding Excerpt
"Par. 1.24 Net overstatement of Inventories accounts - P13,367,430.28"