Non-derecognition of lost, replaced and demolished assets
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceBuildings, flood control systems, and road networks that had been demolished, destroyed, or replaced were still shown as assets on the books, making the agency's property values and depreciation figures unreliable.
Why It Matters
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Original Audit Finding Excerpt
"Verification of the existence of various PPE of different DPWH offices in Regions II and X showed that items of PPE with an aggregate amount of P564,375,015.06 were identified to be either replaced or demolished."