Non-reclassification of completed Construction in Progress to appropriate PPE accounts
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThousands of finished construction projects were still recorded as 'under construction' in the accounting system, and some project-related costs were left in the wrong account, making the financial statements inaccurate.
Why It Matters
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Original Audit Finding Excerpt
"An audit of the CIP accounts of the following DPWH Offices disclosed that 11,613 completed projects with an aggregate amount of P 333,723,099,462.31 were not reclassified or transferred to the appropriate infrastructure asset accounts"