Non-reversion of long-outstanding Accounts Payable
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency kept old payables on its books for more than two years even though they should have been returned to the national government's surplus, overstating its liabilities.
Why It Matters
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Original Audit Finding Excerpt
"unsupported and past due payables without valid and actual claims aggregating to P231,110,040.15 have been outstanding for more than two years in the book s of accounts and were not reverted to the Accumulated Surplus or Deficit of the General Fund as required by the aforementioned guidelines."