Erroneous Recording of Prior Period Adjustments
Pulilan · 2021
Severity: ModerateRecommendation: Unknown
What Happened?
Category: Financial ManagementIssue: MisstatementSome transactions that should have been recorded as continuing appropriations were mistakenly recorded as accounts payable, causing errors in the prior period financial records.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Prior Period Adjustments are composed of transactions that opted to be transferred to continuing appropriations but erroneously recorded as Accounts Payable and Not Yet Due and Demandable Obligation (NYDDO) charged as payable."
