Completed Infrastructure Projects Not Derecognized or Improperly Recorded
Department of Public Works and Highways · 2024
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Asset ManagementIssue: Non-complianceSome finished projects were left on the 'under construction' list instead of being recorded as completed assets, because the required turnover paperwork was missing.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"For Mocos Sur 274 DEO, one (1) recorded completed infrastructure project was not derecognized due to lacking turn-over documents and validation of the project itself. Also, the two (2) completed infrastructure projects still included in the Construction in Progress account were reclassified into its Proper asset account."