Unreconciled cash balances in trust account under Cluster 01
Department of Public Works and Highways · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Unreconciled BalanceA trust account contains funds from bids and bonds, but part of the balance cannot be explained or matched to records.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Account represents collections from sale of bid documents, cash bonds, performance/bidders’ bonds and restoration fee. It also includes unreconciled cash balances."