The government's contributions to the Home Development Mutual Fund (HDMF) were recorded incorrectly in the accounting system. This was corrected with a journal entry, but the initial error indicates a lapse in financial recording accuracy.

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Original Audit Finding Excerpt

"Page 87 of 508 AGENCY ACTION PLAN AND STATUS OF IMPLEMENTATION Ref. Audit Observation Audit Recommendation Agency Action Plan Status of Implementation Reason for Partial/ Delayed/ Non- Implementation, if applicable Action Taken/ Action to be Taken Action Plan Person/Dept. Responsible Target Implementation Date From To due to constant coordination with the concerned agencies. Lastly, partial liquidation minimizes, if not totally avoids, unliquidated balances that might occur with 100% project completion reporting. 3) To Mitigate Risk Associated with Prolonged Implementation: Prolonged project implementation poses unavoidable and unforeseen risks that could damage documents, making recording unsubstantiated. Approved documents may get lost, damaged, or be subject to fortuitous events such as fire, earthquakes and floods as seen during “Typhoon Ondoy” In some instances, employees in charge of the account and document custodians are r"

Source Document