Receivables – Disallowances/Charges account misstatement
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH recorded some audit disallowances before they were final and failed to record others that were already final, making the receivables balance inaccurate.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The Receivables – Disallowances/Charges account is net overstated by P1,146,479.76 due to erroneous recording of unreconciled balances and audit findings without disallowance s received aggregating to P8,454,600.00 and unrecorded disallowances with issued notice of finality totaling P7,308,120.24 contrary to Section 46, Chapter 6, Volume I of the Government Accounting Manual for National Government Agencies and COA Circular No. 2009-006."