Unreleased or unclaimed guaranty security/deposits
Department of Public Works and Highways · 2024
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceSome project deposits and guarantees are not being returned or claimed. DPWH is continuing to collect cash restoration deposits instead of requiring surety bonds as required, and some offices have not followed the rules on when to release retention money.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Not Implemented Subject to CY 2025 audit and for Audit Team’s monitoring of Management’s compliance on audit recommendation."