Uncorrected material misstatements in DPWH financial statements
Department of Public Works and Highways · 2024
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH's 2024 financial statements contain a very large amount of accounting mistakes that were not fixed, so the numbers reported do not give a true and fair view of the agency's finances.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Of the total misstatements of P29,145,971,416.24 found in audit and caused by accounting errors, omissions and improper accounting treatment of transactions that are considered departures from International Public Sector Accounting Standards, P11,472,706,749.42 have been adjusted, while P17,673,264,666.82 remained uncorrected as at year end. Hence, based on the material impact of the uncorrected misstatements, the reported balances of the affected accounts are not fairly presented in the Financial Statements of the DPWH as at December 31, 2024."