Long-outstanding Other Receivables from private entities
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Internal Control WeaknessThe department is still recording an old receivable from private companies that has not been paid for over 15 years. This suggests the money may never be collected and should probably be written off or provided with an allowance.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"It represents unpaid equipment rental fees by private entities amounting to P269,179.28, which were transferred from the RES IV -A books and have remained outstanding for over 15 years."