Non-derecognition of lost, replaced, and demolished assets
Department of Public Works and Highways · 2023
Severity: HighRecommendation: Unknown
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 still records assets that no longer exist or have been replaced, making its financial statements overstated.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"h) Non-derecognition of lost, replaced and demolished assets – P450,148,263.58"