Petty cash funds exceeded one-month operating requirements
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: WeaknessThe offices kept too much money in their petty cash boxes. Government rules say petty cash should only be enough for about one month of small expenses.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"436 Observations and Recommendations Reference Management Action Auditor’s Results of Validation 44. direct the Accountable Officers of Regional Office (RO) IV -B, Camarines Norte District Engineering Office (DEO) in Region V and Cotabato 2 nd DEO in Region XII to ensure that payments of expenses were made through the List of Due and Demandable Accounts Payable – Advice to Debit Accounts instead of checks in accordance with Section 50, Chapter 6, Volume I of Government Accounting Manual for National Government Agencies and Department of Budget and Management Circular Letter No. 2018-14; 45. 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; 46. direct the Accountable Officers of RO No. IX to in"