Understatement of Inter-agency Payables
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency incorrectly treated some payments for unfinished projects as closed, which made its payables to other government agencies too low.
Why It Matters
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Original Audit Finding Excerpt
"h) Understatement of Inter-agency Payables accounts due to erroneous recognition of liquidations for ongoing or incomplete projects 3,968,672,689.38 Due to NGAs Due from Regional Office/Operating Units 3,968,672,689.38 3,968,672,689.38 ✓"