Prior period errors due to unrecorded expenses and income
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency found mistakes in its past financial records where some expenses and income were not recorded correctly. This required correcting the prior year figures and adjusting the starting balance of its accumulated surplus/deficit account.
Why It Matters
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Original Audit Finding Excerpt
"The Department has determined unrecorded expenses in the prior years. As a result, it is presented as prior period errors in the Statement of Changes in Net Assets/Equity that lead to Restated Beginning Balance of the Accumulated Surplus/Deficit account."