Excessive amount of Petty Cash Fund
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe offices kept more money in petty cash than they needed for a month, leaving the extra cash idle instead of being used elsewhere.
Why It Matters
Recommended Actions
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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 a reduction in the amount of PCF sufficient only to cover the operating expenses of the office for a month and timely replenishment, as necessary;"