Unreconciled inter-agency payables differences totaling P7.12 billion
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceDPWH's records and the records of other government agencies disagree by more than 7 billion pesos for money transferred between them. This means the reported payable balance is not accurate and could mislead users of the financial statements.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Comparison and analysis of the confirmed outstanding balances of transferred funds as reported in the books/records of DPWH CO and SAs showed discrepancies totaling P7,118,038,323.95, which rendered the reported balances inaccurate and unreliable, thereby affecting the fair presentation of the payable accounts in the Financial Statements as at year-end. The details are shown hereunder:"