Dormant and Undocumented Inter-Agency Receivables Aged Over 10 Years
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency is still carrying on its books over one billion pesos in very old fund transfers to other agencies that are unlikely to be collected or liquidated, making its financial statements look better than reality.
Why It Matters
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Original Audit Finding Excerpt
"Verification and analysis of the SLs and aging schedules revealed that the Inter-Agency Receivables accounts of various DPWH offices include fund transfers from prior years amounting to P1,027,815,633.96 that have remained outstanding for more than 10 years."