Net Overstatement of Property, Plant and Equipment Accounts
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency's records for property, plant, and equipment were overstated by about 17.63 billion pesos because many purchased or completed assets were not recorded in the books when they were acquired or finished. Some offices have corrected their records, but many adjustments are still pending.
Why It Matters
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Original Audit Finding Excerpt
"Par. 1.40 Net overstatement of PPE accounts - P17,633,475,350.06"