Net Understatement of Property, Plant, and Equipment Account
Department of Public Works and Highways · 2024
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What Happened?
Category: Asset ManagementIssue: UnderstatementThe agency significantly underreported the value of its property, equipment, and finished infrastructure projects because many newly acquired assets, finished buildings, and major repairs were missing from the books.
Why It Matters
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Original Audit Finding Excerpt
"Sector : National Government Audit Sector Team. : Audit Group A—DPWH1 Agency Audited : Department of Public W. Audit Period CY 2024 CAAR Date > duk 202 [CY 2024 FINANCIAL AUDIT Accounting Errors, Omissions and Improper Accounting Treatment of Transactions ACTION PLAN MONITORING TOOL As of September 30, 2025 Consolidated by Reviewed by Approved by She: ¥ ‘ido/ Joanna Marie C. Flo Date A Members Date Date In foncurrent Capacity as Supervising Auditor, DPWH 1 - Audit Group A November 27, 2025 November 27, 2025 Par. ‘art IL of | Net understatement of Cash and Cash Equivalents by P1,962,178.12 CY 2024 DPWH CAAR Par. 1.7-1.11 Unrecorded credit memoranda - P1,989,272,17 recommended and Management of DPWH Bukidnon 2nd DEO in reflect the actual bank balance in the books of accounts as at December 31, 2024; and b) henceforth, closely coordinate with the Cashier Division to immediately identify/resolve bank 08/31/ | 12/3%/ | Fully 2025 |2026 | Implemented 08/31/ | 12/31/ |"