Misstatements in Income Accounts
Department of Public Works and Highways · 2024
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceIncome is overstated by about 10.2 million pesos because some income from material testing was not recognized and some trust receipts were incorrectly recorded as income.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The reported balance of the Income accounts is net overstated by P10,225,602.72 due to: (a) unrecognized income from material testing amounting to P360,660.00; and (b) erroneous recognition of trust receipts as income totaling P10,586,262.72."