Other Payables with Unreconciled, Over-deducted, and Long-outstanding Balances
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Unreconciled BalancesThe department's other debts include old unmatched amounts, mistakes where too much tax or social security was deducted from salaries, and old balances that have not been cleared for many years.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"90 Fund Cluster Amount (In PhP) Cluster 03 107,066.25 Total 61,219,651.94 13.2.3 Due to Pag -IBIG account is used to recognize the withholding of employees’ premium payments and other payables for remittance to the Home Development Mutual Fund (HDMF). Fund Cluster Amount (In PhP) Cluster 01 17,078,956.40 Cluster 02 1,883,750.36 Cluster 03 91,209.20 Total 19,053,915.96 13.2.4 Due to PhilHealth account is used to recognize the withholding of employees’ premium payments for remittance to the Philippine Health Insurance Corporation (PHIC). Fund Cluster Amount (In PhP) Cluster 01 17,983,401.02 Cluster 02 1,048,562.65 Cluster 03 32,049.14 Total 19,064,012.81 13.2.5 Due to NGAs account is used to recognize the receipt of funds for delivery of goods/services as authorized by law, fund transfers from NGAs, other than the BIR, for implementation of specific programs or projects and other inter-Agency transactions. Increase refers to fund transfers during"