Unreconciled discrepancies between book and bank balances
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyThe agency's cash records and its actual bank statements did not match, so the cash balance shown on its financial reports could not be trusted.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"the total amount P1,490,055.36; b) Accountants of DPWH 08/31/ | 12/31/ | Not RO has Prepared Not Implemented JEVs made for partial DPWH Regional Office XIII Regional 2025 | 2026 | Implemented journal entries adjustments totaling to derecognize the Office XIII record P19,554,481.04 — were unserviceable equipment derecognition verified and found in already disposed of in the unserviceable order. aggregate amount of equipment that has P34,281,439.27; and been disposed of, totaling P27,526,668.14. The amount of P26,964,075.02 was derecognized in CY 2023, while P562,593.12 ‘was derecognized in January 2025. c) henceforth, No provided Not Implemented For monitoring properly observe the Management action Management’s procedural guidelines on the taken/action to be compliance with derecognition of assets taken. audit recommendation. pursuant Section 40(c) and (d), Chapter 10, Volume I of the Government Accounting Manual for National Government Agencies. Par. 1.95-1.98 Misclassificat"