Premature recording of refund of unutilized cash advance
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceA refund for an unused travel cash advance was recorded too early, before the money was actually returned, making the agency's cash and receivables records inaccurate.
Why It Matters
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Original Audit Finding Excerpt
"However, the Accounting personnel recorded the initial refund prematurely in CY 2024 which resulted in the overstatement of Cash – Collecting Officer account by P19,880.00 and the understatement of Advances to Officers and Employees account by the same amount."