Fidelity bonds set above actual maximum cash accountability
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceEmployees who handle cash were insured for more money than they were actually accountable for. That meant the government paid extra insurance premiums for no reason.
Why It Matters
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Original Audit Finding Excerpt
"direct the Accountable Officers of Albay 1st DEO and Al bay 2 nd DEO in Region V and Cagayan De Oro City 1st DEO in Region X to request for adjustments/reduction on the amount of fidelity bonds corresponding to his/her actual maximum cash accountability to prevent incurrence of payments of additional premiums;"