Erroneous/Non-Provisions of Depreciation
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH did not properly calculate or record depreciation for its buildings and equipment, understating costs by nearly P4.9 billion.
Why It Matters
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Original Audit Finding Excerpt
"Audit showed that several DPWH Offices were not able to, or erroneously provide the appropriate amount of depreciation for their respective PPE accounts, which resulted in the net understatement of both the Depreciation Expense/Accumulated Surplus/(Deficit) and the Accumulated Depreciation accounts by an aggregate amount of P4,884,079,783.93."