Overstatement of Accounts Payable
Department of Public Works and Highways · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceAccounts payable is overstated by about 102 million pesos because liabilities were not recorded properly.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The Accounts Payable account is overstated by P101,896,531.83 due to improper recognition/recording of liability."