Understatement of Inter-Agency Payables Accounts
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceFund transfers and liquidations were recorded using an improper method that did not follow standard government accounting guidelines.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Understatement of Inter -Agency Payables Accounts – P3,202,785,781.75 36. We recommended and Management of the DWH-Office of the Secretary (DPWH-OSEC) agreed to direct the Chief Accountant to prepare the journal entry necessary to correct the improper recording of liquidations of fund transfers amounting to P3,202,565,781.75."