Unsupported and dormant Infrastructure Assets in Negros 1st DEO
Department of Public Works and Highways · 2024
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What Happened?
Category: Asset ManagementIssue: Unsupported Account BalanceThere is a P21.5 million infrastructure asset balance that has been sitting on the books for over five years with no paperwork to prove it exists. The office asked COA in 2020 to allow it to be removed, but it is still waiting for an answer, so the financial statements may be overstated.
Why It Matters
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Original Audit Finding Excerpt
"Cluster 02 21,574,036.20 Represents various infrastructure assets under the books of Negros 1 st DEO which remain dormant for more than five years. This account was turned over by the previous accountant with no available documents to support the set-up of the same. Thus, a letter dated March 05, 2020 was sent to COA requesting for authority to write -off the said account. As at December 31, 202 4, Negros 1st DEO is still waiting for COA’s response."