Absence of manual on receivable transactions
National Housing Authority · 2022
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency did not have a written guide for handling receivables, which caused errors and made the reported amounts unreliable.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The absence of a manual on the manner of accounting, reporting and monitoring of NHA’s receivable transactions resulted in several lapses in the presentation of the Receivables account totaling P29.493 billion and P70.190 billion as at December 31, 2022 and 2021, respectively. This rendered doubtful the balances of the Receivables and related accounts."