Understatement of Guaranty/Security Deposits Payable
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceGuaranty and security deposits payable are understated by about 12.5 million pesos because a trust liability for a stale check was not restored.
Why It Matters
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Original Audit Finding Excerpt
"The reported balance of the Guaranty/Security Deposits Payable account is understated by P12,495,003.14 due to non-restoration of trust liability for staled Modified Disbursement System check."