No physical count and report for semi-expendable property
Department of Public Works and Highways · 2024
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What Happened?
Category: Asset ManagementIssue: Non-complianceOffices did not count their semi-expendable items (like tools and equipment that last more than a year). They were required to do this and submit a report to the auditors.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"conduct a physical count of inventories and prepare the required Report on the Physical Count of Semi-Expendable Property in compliance with paragraph 4.7.8 of COA Circular No. 2022 -004, and submit a copy of the same within the prescribed period to the Audit Team."