Accounts Payable overstated by P101,896,531.83 due to errors and omissions
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe amount the agency owed to suppliers and contractors at year-end was reported too high. Some taxes were not withheld from payables, some bills were recorded twice, and a payment to a contractor was recorded in the wrong accounts.
Why It Matters
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Original Audit Finding Excerpt
"1.135 The Accounts Payable account is overstated by P101,896,531.83 due to improper recognition/recording of liability , which is not in accordance with International Public Sector Accounting Standards 1 and Bureau of Internal Revenue ( BIR) Revenue Regulations (RR) No. 2-98, as clarified by BIR RR No. 4-2024."