Erroneous Derecognition of Buildings Account
Department of Public Works and Highways · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: ErrorThe agency mistakenly removed about P61 million from its Buildings account in the accounting records. It corrected this with a journal entry, and auditors verified the correction.
Why It Matters
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Original Audit Finding Excerpt
"Adjustment was made under JEV-2024-12-027619 to restore the amount of P60,960,325.40 to the Buildings account."