Other Deferred Credits with Unreconciled Balance and Late Income Recognition
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Late RecognitionThe department has an old unmatched balance in deferred credits and had to restate last year's income because it recorded income from lost equipment late.
Why It Matters
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Original Audit Finding Excerpt
"It includes unreconciled balance transferred from the 8th RES books of account to the Regional Office VIII and other deferred for the loss asset during inventory cleansing of Northern Samar 2nd DEO. It also includes the CY 2023 amount which was restated to reflect an adjustment due to late recognition of Mindoro Occidental DEO's income from payment of lost PPEs of Accountable Officers concerned for CY 2023."