Negative balances in Property, Plant and Equipment accounts
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencySome asset records show negative amounts, which should not happen. This happened because transactions were recorded twice or incorrectly, making the financial records unreliable.
Why It Matters
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Original Audit Finding Excerpt
"Review of PPE SLs of DPWH Bataan 1st DEO in Region III, Southern Mindoro DEO in Region IV -B, and Davao del Norte DEO in Region XI revealed the existence of negative balance for various account balances totaling P26,707,480.05."