Erroneous recording of expenditures charged against Engineering and Administrative Overhead (EAO) amounting to P37.68 million
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Financial ReportingThe DPWH used Engineering and Administrative Overhead funds for expenses that should have been recorded in other accounts. This caused the accounting records to be inaccurate. The agency needed to reclassify P37.68 million to the proper asset or expense accounts. Most offices did this, but one office had not completed the reclassification.
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Original Audit Finding Excerpt
"Erroneous recording of expenditures charged against Engineering and Administrative Overhead (EAO) – P37,683,503.14"