Unreconciled Differences in Inter-Agency Fund Transfers
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyThe agency’s records of money sent to other agencies do not match the recipients’ records, with a difference of over 435 million pesos that has not been resolved.
Why It Matters
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Original Audit Finding Excerpt
"The correctness of the balances of funds transferred to various National Government Agencies, Government-Owned and Controlled Corporations, Local Government Units, and Non-Government Organizations/People’s Organizations for the implementation of DPWH-funded programs/projects could not be ascertained due to the: (a) existence of dormant/undocumented balances aged ten years and more totaling P1,027,815,633.96; and (b) unreconciled differences between the books of DPWH and Implementing Agencies aggregating to P435,785,685.44."