Fidelity bond amounts not aligned with actual cash accountability
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceSome officers in charge of money had insurance bonds that were higher than the amount of cash they actually handled, so the government paid extra for insurance it didn't need.
Why It Matters
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Original Audit Finding Excerpt
"direct the Accountable Officers of Albay 1st DEO and Albay 2nd DEO in Region V and Cagayan De Oro City 1st DEO in Region X to request for adjustments/reduction on the amount of fidelity bonds corresponding to his/her actual maximum cash accountability to prevent incurrence of payments of additional premiums;"