Non-reclassification of Construction in Progress to appropriate asset accounts
Department of Public Works and Highways · 2023
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceMany completed construction projects are still being reported as 'in progress' in the financial records, which distorts the agency's asset values.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"j) Non-reclassification of CIP to appropriate PPE accounts –P220,518,417,889.01"