Direct Issuance and Recording as Outright Expense Instead of Perpetual Inventory
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceSome offices recorded purchased supplies as expenses immediately instead of entering them into the inventory system, which prevents accurate tracking of supplies on hand and distorts financial reports.
Why It Matters
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Original Audit Finding Excerpt
"Direct issuance and recording as outright expense of purchased supplies and materials instead of using the perpetual inventory system."