Long-standing unreconciled account balances remain unresolved
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Financial ReportingThe agency has many account balances that have not been reconciled. Some have been unresolved for over a decade, and the agency is still trying to get approvals to remove them from the books and to find supporting documents.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"125 20.3 Impairment Loss Accounts 2024 2023 (Restated) Amount (In PhP) Impairment Loss-Property, Plant and Equipment 41,869,209.64 20,461,464.59 20.3.1 Impairment Loss-Property, Plant and Equipment account is used to recognize the loss incurred due to impairment of property, plant and equipment where carrying amount is greater than the recoverable amount/recoverable service amount. Fund Cluster Amount (In PhP) Cluster 01 41,721,985.75 Cluster 02 147,223.89 Total 41,869,209.64 21 Net Financial Assistance/Subsidy Financial Assistance/Subsidy from NGAs, LGUs, GOCCs Accounts 2024 2023 (Restated) Amount (In PhP) Subsidy from National Government 1,029,821,410,919.44 914,410,069,511.54 Total Financial Assistance/Subsidy from NGAs, LGUs, GOCCs 1,029,821,410,919.44 914,410,069,511.54 Subsidy from Central Office 14,931,389,211.97 185,024,638.28 Subsidy from Regional Office/Staff Bureau 6,237,514,405.50 2,586,463,936.97 Total Financial Assistance/"