Unreconciled Due to GSIS Account in Iligan City DEO
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyThe records for how much money was owed to GSIS in one district office did not add up, with a difference of nearly 250,000 pesos. This means the financial statements may be inaccurate.
Why It Matters
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Original Audit Finding Excerpt
"examination of the closing balance presented in the Statement of Financial Position of Iligan City DEO as at December 31, 2024, revealed unreconciled amounts between the Due to GSIS account, Aging of GSIS Collections, Remittances and Balances, and unremitted sum at the year's conclusion in the amount of P246,975.52."