Inability to ascertain property and equipment carrying amount
National Housing Authority · 2022
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency had problems with tracking and recording its property and equipment, so the auditors could not verify if the reported values were correct.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Further, the correctness of the reported carrying amount of the Property and equipment account of P3.692 billion and P4.947 billion as at December 31, 2022 and 2021, respectively, cannot be ascertained due to noted monitoring and recording deficiencies."