Erroneous Recording of Expenses in the Wrong Accounting Period
Department of Public Works and Highways · 2024
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceExpenses were recorded in the wrong years, overstating the agency's costs and equity by about P70 million.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Review and analysis of transactions in various DPWH Offices disclosed that prior year’s expenses incurred and/or paid as at year-end in the aggregate amount of P70,425,390.73 were not recorded in the proper accounting period to which they relate, contrary to the accrual basis of accounting, as summarized below:"