Overstatement of Receivables – Disallowances/Charges
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency reported too much in receivables from disallowances because some entries were recorded incorrectly or not recorded at all.
Why It Matters
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Original Audit Finding Excerpt
"c) Net Overstatement of Receivables – Disallowances/Charges account due to: • Erroneous recording of unreconciled balances and audit findings without disallowances received • Unrecorded disallowances with issued notice of finality 1,146,479.76 Receivables - Disallowances/Charges Accumulated Surplus/(Deficit) (1,146,479.76) (1,146,479.76) ✓"