Unreconciled Inventory Balances
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH's inventory records do not match the physical counts or supply office reports, leaving an unexplained difference of about 384.2 million pesos. This makes it hard to know what inventory actually exists.
Why It Matters
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Original Audit Finding Excerpt
"Comparison of the balances of the Inventory accounts of several DPWH Offices as at year-end revealed an unreconciled discrepancy of P384,223,819.43 between the books of accounts and the Report on the Physical Count of Inventories (RPCI)/RPCSP maintained by the Accounting, and Supply Sections/Units, respectively, as shown below:"