Semi-expendable property misclassified as PPE amounting to P26.13 million
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Financial ReportingItems that cost less than P50,000 each should be recorded as semi-expendable property, not as long-term assets. The DPWH misclassified P26.13 million of such items as Property, Plant and Equipment. Several offices have corrected the records, but some are still working on it.
Why It Matters
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Original Audit Finding Excerpt
"Semi-expendable property misclassified as PPE – P26,129,409.65"