Insurance Policy Renewed for Demolished Building
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe office paid insurance for a building that no longer existed. They renewed the policy without checking whether the building was still standing, wasting about 250,000 pesos of government money.
Why It Matters
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Original Audit Finding Excerpt
"the insurance policy of a demolished Office Building of Bataan 1st DEO with an acquisition cost of P31,550,743.77 was renewed despite being demolished before the date of its policy renewal, resulting in unnecessary premium payments amounting to P248,646.69."