Understatement of Income Accounts
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency did not record all the income it earned from material testing and bidding documents, so reported income was too low.
Why It Matters
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Original Audit Finding Excerpt
"j) Net Understatement of Income accounts due to: • Unrecognized income from material testing • Erroneous account used on the sale of bidding documents 10,225,602.72 Various Income accounts Accounts Receivable GSDP (10,225,602.72) 360,660.00 10,586,262.72 ✓"