Unclaimed warranty securities not fully addressed
Department of Public Works and Highways · 2023
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency is still holding money that belongs to contractors, such as warranty deposits, and has not fully followed the rule requiring performance bonds instead of cash deposits. Several district offices have only partially fixed this problem.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"b) Unclaimed/unreleased warranty – P5,361,415.49"