Unreconciled discrepancies between books and confirmed bank balances
Department of Public Works and Highways · 2024
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What Happened?
Category: Cash ManagementIssue: Reconciliation FailureThere is an unresolved difference of over 6.5 million pesos between the office's cash records and bank statements.
Why It Matters
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Original Audit Finding Excerpt
"a. Unreconciled discrepancies between the books and confirmed bank balances – P6,552,174.04 42. We recommended and Management of Camarines Sur 5th District Engineering Office in Region V agreed to direct the Accounting Unit to exert efforts to verify, identify and establish the existence of the balance per book of P6,552,174.04 from prior years’ financial statements..."