Understatement of GSDP Account
Department of Public Works and Highways · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency failed to put back a trust liability for a check that was never cashed, so the GSDP balance was too low.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"i) Net Understatement of GSDP account due to non-restoration of trust liability for staled Modified Disbursement System check 12,495,003.14 GSDP Accumulated Surplus/(Deficit) 12,495,003.14 (12,495,003.14) ✓"