Delayed or Non-recording of Accounts Payable
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Delayed ReportingBillions of pesos in completed projects, delivered goods, and rendered services were left out of the financial records for the period they were actually incurred.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"b. Delayed/Non-recording of Accounts Payable – P3,615,094,414.87 34. We recommended and Management of the DPWH-Office of the Secretary, Abra District Engineering Office (DEO), Regional Office (RO) No. I, Pangasinan 1 st DEO, Bataan 2nd DEO, Albay 1 st DEO, Zamboanga del Sur 1 st DEO, Zamboanga del Sur 2 nd DEO and Cagayan de Oro City 1st DEO agreed to direct the Accountants to prepare the necessary adjusting journal entries to recognize the expenses and liabilities totaling P3,615,094,414.87 in the appropriate accounting period to which they relate or as they were incurred..."