Improper Classification of Expense Accounts
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH recorded some expenses under the wrong account names, which misleads readers about what the money was actually spent on.
Why It Matters
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Original Audit Finding Excerpt
"The misclassifications resulted from improper application of the account titles prescribed by COA Circular No. 2020-001 during the recording of transactions and inadequate review and oversight of financial transactions, which led to the recognition of expenses in the wrong accounts."