Duplicate Insurance Coverages for Office Equipment
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe district office paid twice for insurance on the same office equipment because they did not check whether the assets were already covered by another policy. This wasted a small amount of money and could lead to bigger losses over time if reviews are not improved.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"For Region III, further review of Bataan 1st DEO's insurance policies revealed that three Office Equipment with a total acquisition cost of P1,053,490.00 have duplicate insurance coverages."