Non-Recording of Property, Plant and Equipment
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe DPWH did not record billions of pesos of buildings, equipment, and completed projects as assets, so the balance sheet was understated by about P9.3 billion.
Why It Matters
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Original Audit Finding Excerpt
"Various PPE acquired through procurement, turnover and transfers from the DPWH Offices, and the unbilled portion of completed projects aggregating P9,300,711,870.39 were not recognized in the books of accounts."