Misstatements in Receivables - Disallowances/Charges
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe receivables balance is overstated by about 1.1 million pesos because some disallowances were recorded incorrectly and others were not recorded at all.
Why It Matters
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Original Audit Finding Excerpt
"The Receivables — Disallowances/Charges account is net overstated by P1,146,479.76 due to erroneous recording of unreconciled balances and audit findings without disallowances received aggregating to P8,454,600.00 and unrecorded disallowances with issued notice of finality totaling P7,308,120.24."