Dormant Prepayment for Over Five Years
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyAn old prepayment has been sitting on the books for over five years without proper documentation, so the agency has requested permission to write it off.
Why It Matters
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Original Audit Finding Excerpt
"Region VII where authority to write-off has been requested pertaining to dormant amount for more than five (4) years due to insufficiency of supporting documents turned over by the previous accountant"