Overstatement of Accounts Payable
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency reported more liabilities than it actually owed because some payables were recorded incorrectly.
Why It Matters
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Original Audit Finding Excerpt
"g) Net Overstatement of Accounts Payable account due to improper recognition/recording of liability 101,896,531.83 Account Payable Accumulated Surplus/(Deficit) Due to BIR Advances to Contractor CIP account (101,896,531.83) 5,052,000.00 16,872,779.22 (141,670.75) (79,830,081.86) ✓"