Non-reconciliation of Inventory Balances
Department of Public Works and Highways · 2024
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What Happened?
Category: Asset ManagementIssue: Non-complianceThere are large discrepancies between what the supply records show and what is actually on hand or accounted for in inventory, totaling over 384 million pesos, because regular reconciliations were not performed.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Par, 2.11-2.14 and proper disposition/closure of the dormant bank accounts in Other We recommended deficiencies/lapses |Management of DPWH in internal control | agreed to: over cash management a) direct the Finance Section of Abra DEO in CAR to initiate the process of de- Abra DEO in} 08/31/ | 12/31/ | Fully CAR 2025 =| 2026 impenees) | 33 of 118 management will exert more effort to For Regional Office X, to validate the unsupported P51.584 million Cash in Bank balance, Management visited Al-Amanah Tslamic Bank, DBP, PNB, and UCPB. Al- Amanah Islamic Bank, DBP, and PNB confirmed that no accounts were maintained for DPWH Regional Office X. UCPB, now under the Land Bank of the Philippines, confirmed that Account No, 6092- 1107 (formerly 20402-001037-5) remained active with a balance of P1,765,315.15. However, this account does not correspond to or form part of the unverified P51.584 million balance. ‘serine wih be ih | aa Implemented ae Validated that process of aoabligating"